As rate hike expectations have pushed the Dow down triple digits and then back up again in the last two days, US markets look set to open unchanged today as hopes for a second quarter economic rebound in the US are put to another test with the release of the April Manufacturing PMI survey. Futures suggest the S&P500 will open unchanged at 1,888 with the Dow Jones expected to open 1 point higher at 16,533. The S&P 500 is back to yo-yoing up and down 50 points, between 1850 and 1900. Easy monetary policy from the Fed is keeping stocks well bid but the economic and earnings growth have thus far not been convincing enough to maintain life above 1900. Traders are watching every bit of data for Q2 to help shape a frame of reference for the expected rebound. This makes today’s flash manufacturing PMI all the more important with a slight uptick expected from 55.4 to 55.6. Expectations are for existing homes sales to turn higher after multiple-month declines to 4.71m. Today sees the IPO of “The other” Chinese ecommerce giant JD.com. The company is considered the Amazon.com of China selling directly to customers, a slightly different model to its larger rival Alibaba which operates more like eBay. China’s ecommerce market is growing rapidly and the company increased revenues 67% last year but is yet to make a profit. The timing of the IPO is a good strategic move by JD.com as you have to believe a good chunk of the 15x oversubscription for its shares come from investors with itchy trigger fingers who can’t wait for the Alibaba IPO. With so much demand it seems the shares are setup for a good opening day but with valuations still a big issue, the company will need to start turning a profit in the near future. A good start for JD.com will also bode well for Alibaba’s IPO in New York later this year.