OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM16 -0.23%) this morning are trading slightly lower by -3.25 points (-0.16%) on Tuesday’s -1.28% sell-off in China’s stock market and on a renewed sell-off in crude oil prices this morning. May WTI crude oil futures are down -0.61 (-1.55%) this morning on expectations for a 3.0 million bbl build in Wednesday’s weekly API report. The market is also cautious ahead of a speech by Fed Chair Yellen late this morning. Meanwhile, European stocks are mildly higher after reopening from Monday’s holiday. The Euro Stoxx 50 index is up +0.34%. Asian stocks today settled mixed: Japan -0.18%, Hong Kong +0.10%, China Shanghai -1.28%, Taiwan -0.84%, Australia -1.57%, Singapore -0.40%, South Korea +0.65%, India -0.26%, and Turkey +0.57%.

The dollar index (DXY00 -0.04%) this morning is little changed. EUR/USD (^EURUSD) is slightly higher by +0.04% and USD/JPY (^USDJPY) is up +0.18%. The forex market is treading water ahead of today’s Yellen comments. June 10-year T-note prices (ZNM16 +0.02%) this morning are slightly higher by +1 tick.

Commodity prices this morning are down by an average -0.37% due to a sell-off in energy and metals. May WTI crude (CLK16 -1.90%) is down -0.61 at $38.78 (-1.55%) and May gasoline (RBK16 -1.84%) is down -0.0236 (-1.58%). May natural gas (NGK16 -0.21%) is slightly higher by +0.10%. Metals prices are lower with April gold (GCJ16 +0.02%) down -0.20%, May silver (SIK16 -0.03%) down -0.56%, and May copper (HGK16 -1.36%) down-1.49%. Grains are higher with May corn up +0.13%, May soybeans up +0.19%, and May wheat up +0.58%. Softs are lower with May sugar down-0.63%, May coffee down -0.70%, May cocoa down -0.07%, and May cotton down -0.07%.

There is some negative geopolitical news this morning after an EgyptAir flight was hijacked to Cyprus and after North Korea fired another short-range missile along its coast.