Earnings Season Takeaways: S&P 500: Start a free trial of The Sevens Report.
What’s in Today’s Report:
- Earnings Season Takeaways (More Reasons to Expect A Growth Scare)
- A Contrarian Case for Long Oil
Futures are little changed following a generally quiet night of news.
Economically, Chinese CPI declined –0.2% y/y, signaling mild deflation and increasing Chinese economic concerns.
Geopolitically, the U.S. struck weapons depots in Syria in response to attacks on U.S. bases in the region and that’s slightly increasing geo-political tensions.
Today focus will remain on economic data and Fed speak. As has been the case, any data or comment that pushes the 10 year Treasury yield higher will likely weigh on stocks.
Economically, the only notable report is weekly Jobless Claims (E: 220K) and that’s slightly deteriorated over the past few weeks. If that continues and accelerates it could be a short term tailwind for stocks.
Looking at the Fed, there are multiple speakers today but Powel (2:00 p.m. ET) is the only potential market mover. Other speakers include: Bostic, Barkin, and O’Neill-Paese.
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