What’s in Today’s Report:
- End of the (Mild) Pullback?
- EIA Update and Oil Market Update (Breakout)
Futures are modestly lower as markets digest Wednesday’s rally following a quiet night of news.
Economically, the only notable report was Euro Zone exports, which beat expectations (1.0% vs. (E) -0.8%).
Politics remained in focus as centrist Democrats stopped the progress of a drug price control bill, highlighting the division in the party (this is an incremental positive as markets would prefer there are no policy changes at all this year).
Today focus will be on economic data, as markets will want to see stability in two reports, Jobless Claims (E: 315K) and Philadelphia Fed Manufacturing Index (E: 19.2), and not too big of a decline in August Retail Sales (E: -0.8%). If we get another round of better than expected macro data, then stocks can extend yesterday’s gains.