OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM17 +0.12%) this morning are little changed, up +0.01% ahead of a speech by Fed Chair Yellen today. Losses were limited due to strength in energy producing stocks as May WTI crude oil (CLK17 +1.01%) gained +0.67% after Libya shut its biggest oil field down for the second time in 2 weeks. European stocks are down -0.50% on an increase in French presidential election risks after the latest polls show pro-EU candidate Emmanuel Macron and anti-EU candidate Marine Le Pen tied just 2-weeks before France’s presidential election. Losses in European stocks were contained after the Eurozone Apr Sentix investor confidence rose more than expected to a 9-1/2 year high. Asian stocks settled mixed: Japan +0.71%, Hong Kong -0.02%, China -0.52%, Taiwan +0.09%, Australia +0.86%, Singapore +0.13%, South Korea -0.65%, India -0.44%. South Korean stocks moved lower as the South Korean Kospi 200 Stock Index fell to a 3-week low after an American aircraft carrier bound for Australia was diverted to North Asia, which fueled speculation the U.S. may take a more aggressive stance against North Korea.

The dollar index (DXY00 +0.03%) is up +0.04% at a 3-week high. EUR/USD (^EURUSD) is down -0.12% at a 1-month low. USD/JPY (^USDJPY) is up +0.19%.

Jun 10-year T-note prices (ZNM17 -0.08%) are down -1 tick.

St. Louis Fed President Bullard (non-voter) said “I don’t think we need a lot of rate increases in order to keep inflation close to target and employment close to our goals” and that only one more 25 bp rate increase this year will be needed before the Fed begins to prioritize the run off of its portfolio of government bonds.

Eurozone Apr Sentix investor confidence rose +3.2 to 23.9, stronger than expectations of +0.3 to 21.0 and a 9-1/2 year high.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Treasury auctions $24 billion 3-year T-notes, (2) Fed Chair Janet Yellen speaks at the University of Michigan Ford School of Public Policy and will take questions from the audience and Twitter, (3) USDA weekly grain export inspections.