What’s in Today’s Report:
- Why We Could Be Close to a Bounce
Futures are modestly lower following the surprise resignation of Defense Secretary Mattis.
Mattis was seen as a stabilizing force in the administration, so his resignation is an incremental negative on general sentiment and that’s pressuring stocks this morning.
Economically, Q3 British GDP met expectations at 0.6%.
Today there is a lot of important economic data including (in order of importance): Durable Goods (E: 1.4%), Core PCE Price Index (E: 0.2%), Final Q3 GDP (E: 3.5%) and Consumer Sentiment (E: 97.5). The key numbers will be the Core PCE Price Index (it needs to stay around 2.00%) and Durable Goods (they need to be stable) as they can give us a stock positive “Goldilocks” outcome.
Additionally, Fed Governor Williams will by on CNBC at 10:00 a.m., and if he’s dovish that might help stocks rally.
Finally, today is quadruple witching options expiration.