Good morning, US futures are mixed as of 8:00 am ET after seeing triple-digit gains overnight, while markets in Europe are also off session highs.

Japan saw the NIKKEI up just under 1%, while China’s CSI and Hong Kong’s Hang Seng both ended the day down. Oil has fallen by 1% after seeing an almost 3% jump yesterday. Gold is up this morning as the US dollar dips.

In other news, the European Central Bank held rates steady at today’s meeting, but everyone will be watching the comments from ECB President Lagarde for future cuts due to the strengthening euro.

The US releases its weekly initial jobless claims at 8:30 am ET today.

Oil is down this morning on a report that US crude stockpiles have risen.

In etfs, market volumes are slowly returning to levels seen before the recent bout of volatility, as both SPY (91 million shares traded) and QQQ (64 million shares traded) saw lower volumes on Wednesday compared to Tuesday.

First Trust saw buyers in FTXR (Transport) and sellers in FXN (Energy).

State Street’s Mid-Cap Growth MDYG saw sellers, as the fund traded over $400 million notionally, 7x average.

BlackRock’s Value Factor ETF VLUE saw continued buyers, trading almost 3x average. Its Min Vol Factor ETF USMV also saw buyers while trading above average.

Defiance’s Next Gen Connectivity ETF saw buyers and traded over a million shares, 4x average.

Fixed income continued to be active as we saw continued buying in short-term products. SHV, TOTL, SPSB, SPTS, NEAR, SPTL, BNDX, ANGL and IGOV all traded at least 2x above average.

With the price of gold being up 28% year to date, the amount of physical gold held by ETFs has risen by 38% as investors keep pouring money into the funds. Right now there is over $241 billion invested in the metal via ETFs globally, an all-time high. Barron’s has a nice write-up on it.

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