Quiet Sunday Into MLK Week

What Happened

• Futures held near flat into the Sunday session.
• Rates and FX were quiet with the US holiday approaching.
• Oil stayed range-bound with no new headlines.

What It Means

• The holiday pause limits price discovery and delays new signals.
• Earnings guidance will set the tone once markets reopen.
• Stable oil keeps the inflation outlook balanced.

What I Think

• I expect low volatility until Tuesday’s reopen.
• A strong earnings start could re-ignite the risk bid.
• If guidance disappoints, the market will quickly de-risk.

Market Terms

• Holiday pause - Trading conditions with reduced participation.
• Guidance risk - Earnings outlook that can shift valuations.
• Range-bound - Prices moving within a tight band.