What Is the “Smart Market” Telling Us? (Part I)
What Is the “Smart Market” Telling Us? (Part I) : Start a free trial of The Sevens Report.
What’s in Today’s Report:
- What Is the Smart Market Telling Us? (Part I)
- May ISM Manufacturing Index Takeaways
- OPEC+ Decision Takeaways – Focus Shifts to Demand
Markets are trading with a risk-off tone globally as U.S. stock futures are tracking overseas equities lower while Treasuries maintain a strong safe-haven bid amid worries about global growth ahead of more key economic data today.
Overnight, Korean CPI fell to 2.7% vs. (E) 2.8% and Swiss CPI was unchanged at 1.4% vs. (E) 1.6%. German Unemployment was also steady at 5.9%, meeting estimates. The lack of positive response to the easing inflation data underscores increasing growth concerns.
Looking into today’s session focus will be on economic data early with JOLTS (E: 8.4 million), Factory Orders (E: 0.7%), and Motor Vehicle Sales (E: 15.8 million) all due to be released.
There are no Fed speakers or major Treasury auctions today, leaving the economic data releases the main potential market catalysts. If the data disappoints, growth worries could see the early risk-off money flows accelerate, however, “goldilocks” data could help stocks continue to stabilize after last week’s spike in volatility.
Join thousands of advisors from huge brokerage firms like Morgan Stanley, Merrill Lynch, Wells Fargo Advisors, Raymond James, and more! To start your quarterly subscription and see how The Sevens Report can help you grow your business, click here.
