Stock Futures Jolted By Bank of England Stimulus Measures
Stock futures are adding to their earlier gains after the Bank of England initiated aggressive measures to boost the post-Brexit UK economy by lowering interest rates for the first time in seven years, and adding an additional GBP70 billion ($91.2 billion) to its monthly bond purchases. The reaction across global financial markets was dramatic as investors sold sterling and UK government bonds (gilts) and poured into equity assets. As a result, Dow futures are currently 39 points above fair value.
On deck before the open is the weekly initial jobless claims data. Unemployment claims are expected to have decreased 1,000 for the week ended July 30 to 265,000.
At 10ET, June factory orders are expected to show a decrease of 1.8%.
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