Did Anything Change Last Week?

What’s in Today’s Report:

• Did Anything Change Last Week?

U.S. futures are trading lower (Nasdaq 100 down more than 2%) as tensions between the U.S. and China rose over the weekend while economic data mostly beat estimates.

In a press conference yesterday, President Trump mentioned interest in economically “decoupling” from China with a focus on bringing jobs back to the U.S.

Economically, EU GDP was not as bad as feared while the U.S. NFIB Small Business Optimism Index was 100.2 vs. (E) 98.9 in August which is bolstering small caps this morning.

Looking into today’s session, there are no economic reports and no Fed officials are scheduled to speak.

From a catalyst standpoint, the quiet calendar will leave investors looking for any developments on the next stimulus bill or further commentary on the uptick in U.S.-China tensions from the weekend while, based on the pre-market price action, big cap tech shares are likely to continue leading the broad market today.