What’s in Today’s Report:
- CPI Preview: Good, Bad, and Ugly
Futures are slightly lower thanks to more tech stock weakness following a mostly quiet night of macroeconomic news.
Micron (MU) became the second large semiconductor company to produce negative earnings guidance (Monday it was Nvidia) as MU slashed its outlook, and that’s weighing on markets this morning.
Geo-politically, the FBI raid on Mar-a-Lago is dominating news coverage, but it has no impact on markets.
Today’s focus will remain on inflation via Unit Labor Costs (E: 9.3%) and if they come to light, that will further strengthen the idea that inflation is peaking and help to support stocks into tomorrow’s CPI report.