What’s in Today’s Report:
- Another Breaker Tripped (Now There Are Three – September Update)
Futures are modestly lower and international markets were mixed overnight as focus largely remains on global trade relations in an otherwise quiet trading environment.
The German ZEW Survey for September was solid overnight with a headline of 76.0 vs. (E) 72.0 suggesting the EU economy may be picking up some momentum in H2’18.
The NFIB Small Business Optimism Index was the more notable print however as the headline rose to a record high of 108.8 vs. (E) 108.1 in August.
Today will be quiet from an economic standpoint as there is just one report due out: July JOLTS (E: 6.670M) and there are no Fed officials scheduled to speak today.
With tech shares showing signs of stabilizing so far this week, focus will remain on trade, emerging market currencies, and the dollar today. And as long as sentiment towards those influences does not deteriorate materially, the S&P 500 should be able to hold recent support between 2850 and 2870.