S&P futures fell 50 bps on Friday and were down 30 points pre-open on Monday. They closed up roughly 35 points yesterday, but are now 15 points lower premarket. "It's like going to a casino," traders are saying in frustration. A large part of the trading community has thrown up its hands already and blamed high-speed trading, but there are those still arguing about the Fed's next move and the presidential election. Is it just better to sit this one out?
Economy
So what happened at Fedspeak yesterday? Fed Governor Lael Brainard said she wanted to see a stronger trend in U.S. consumer spending and evidence of rising inflation before the Fed raises rates, while Atlanta Fed President Dennis Lockhart said that economic data warrants a serious discussion about the speed and path of future hikes. The result: Policymakers will go into the September meeting pretty divided.