Has Healthcare Finally Broken Out?

What’s in Today’s Report:

• Has Healthcare Finally Broken Out?

U.S. stock futures are trading higher and most overseas markets rallied overnight thanks to another wave of optimism for a “phase one” trade deal as traders look ahead to a busy morning of domestic economic releases.

This time it was President Trump who said the U.S. and China were in the “final throes of a very important deal” late yesterday, stoking more risk-on money flows overnight.

Today, attendance will noticeably thin out ahead of the Thanksgiving holiday and volumes are expected to be light.

But, there are several important economic reports due out today: Durable Goods Orders (E: -0.7%), GDP (1.9%), Jobless Claims (E: 219K), and Core PCE Price Index (E: 0.2%).

A rebounding economy is largely priced into stocks at these lofty levels so any significant disappointments out of this morning’s data could trigger some profit taking into the Thanksgiving holiday.

Aside from the economic data, there are no Fed officials scheduled to speak today which will leave investors focused on any new chatter on the trade war as it remains the single biggest influence on markets right now.