“Gasoline and heating-oil futures are still in the driver seat of the energy markets, after early week rallies due to [Gulf storm] Gordon have steadily come unwound since the short trading week started on Tuesday,” Tyler Richey, co-editor of the Sevens Report, told MarketWatch.
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Futures are slightly higher following a generally quiet night of news.
There was no new trade news overnight so markets continue to wait for the administration decision on the 200 billion in new Chinese tariffs (it can come any day now).
Economically the only notable report was German Manufacturers’ Orders, which missed estimates (-0.9% vs. (E) 2.1%).
Today markets will be watching the news wires for any tariff related headlines. But, outside of that, we get thee notable economic reports, the most important of which is the ISM Non-Manufacturing Index (E: 56.8). On the employment front, we also get the ADP Employment Report (E: 182K) and Jobless Claims (E: 213K) and both reports should show continued strength in the job market.