What’s in Today’s Report:
- Fed Chair Powel’s Speech Preview (All About Inflation)
- Oil Market Update (Inventories and Hurricane Laura)
Futures are marginally weaker following a quiet night of news as markets digest Wednesday’s rally ahead of weekly jobless claims and Fed Chair Powell’s speech.
Economic data was sparse overnight as Eurozone Money Supply was the only notable economic report and it beat estimates, rising 9.5% vs. (E) 9.1%, but that’s not moving markets.
Today the two key events are weekly Jobless Claims (E: 987K), and Fed Chair Powell’s speech (9:10 a.m.). The market will be looking for claims below 1MM and for Powell to hint at a new average inflation target, and disappointment on either will likely cause some selling in stocks, especially given this week’s rally.
Other notable events today include Revised Q2 GDP (E: -32.9%), Pending Home Sales Index (E: 1.5%) and another Fed speaker, Barkin (12:30 p.m. ET), but they shouldn’t move markets.