Where SOX Go, Stocks Go: A Cyclical Canary to Watch in the Market Coal Mine
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What’s in Today’s Report:
- Where SOX Go, Stocks Go: A Cyclical Canary to Watch in the Market Coal Mine
Futures are modestly higher thanks to solid earnings and ahead of important central bank decisions and economic data later today.
Taiwan Semiconductor (TSM) beat earnings and is rallying 8% pre-market and that’s boosting tech and futures.
Today will be a busy day on the economic and earnings front, starting with the ECB rate decision, where the ECB is expected to cut rates 25 bps and signal an openness (but not a guarantee) of another rate cut in December.
Economically, there are several potentially important reports today including, in order of importance, Retail Sales (E: 0.3%), Jobless Claims (E: 260K), Philly Fed (E: 3.0) and Industrial Production (E: -0.1%). With all of today’s data, Goldilocks readings around expectations are the best case for markets.
Finally, earnings season continues to roll along and NFLX (E: $5.09) after the close is the big report today.
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