What’s in Today’s Report:
- Is Dr. Copper’s Prognosis for the Markets Just Change?
- Economic Data (Yesterday Was Not a Good Day)
- Energy Update
Futures are recouping yesterday’s losses not because of what happened overnight (which was nothing) but instead of what might happen today.
Trump & Chinese Vice Premier He will meet at 2:30 ET and markets hope more progress on a deal is signaled.
Additionally, markets hope Fed officials (specifically Williams and Clarida) give more clarity on the end of QT at a Fed conference later this afternoon.
As mentioned, there are no economic reports or notable earnings today so focus will be on the Trump/He meeting and the various Fed speakers making comments today: Williams (10:15 a.m. ET), Bullard (1:30 p.m. ET), Clarida (1:30 p.m. ET), Harker (1:30 p.m. ET). For those events to power stocks meaningfully higher, we’ll need to see hints that a U.S./China deal would reduce current tariffs, and a clear indication that QT will end in 2019.