A Surprising Sentiment Update

What’s in Today’s Report:

• A Surprising Sentiment Update

Futures are little changed following a generally quiet night of news and ahead of several economic reports today.

Economically, there were no notable reports overnight.

After two quiet days in the market, today brings a busy calendar of economic data and Fed speak.

Economically, there are numerous reports today including, in order of importance,  Jobless Claims (E: 238K), Durable Goods (E: -0.5%). Final Q2 GDP (E: 3.3%) and Existing Home Sales (E: 3.95 million).  With the Fed now cutting rates, the stronger the data, the better (especially for jobless claims).

Turning to the Fed, there’s a parade of speakers today but none of them are Fed leadership.  Nonetheless, their general tone on future rate cuts will matter and the more dovish the commentary, the better.  Speakers today include: Goolsbee (8:20 a.m. ET), Schmid (9:00 a.m. ET), Bowman (10:00 a.m. ET), Barr (1:00 p.m. ET), Logan (1:40 p.m. ET) and Daly (3:30 p.m. ET).

Finally, earnings continue and some notable reports today include: ACN ($2.98), JBL ($2.81), COST ($5.82).