What’s in Today’s Report:
- Weekly Market Preview (Fed Expectations and Earnings)
- Weekly Economic Cheat Sheet (July Flash PMIs this week).
Futures are slightly higher on positive U.S.-China trade headlines following an otherwise quiet weekend.
Tech firms will meet today with administration officials to discuss the Huawei tech ban, while multiple reports stated China will increase soybean purchases and a face to face meeting between Chinese & U.S. officials could occur soon.
Fed policy expectations continue to shift back to a 25 basis point rate cut next week as hope for a 50 basis point cut continues to recede.
Today there are no economic reports and no Fed speakers as we enter the “quiet period” ahead of next Wednesday’s rate decision. So, there’s not much on the calendar today that could cause volatility, although headlines from the tech company/administration meeting today on Huawei is something to watch, as any hints at relaxing of the ban will be a mild positive for stocks. Earnings are sparse today as well although I’ll be watching Whirlpool (WHR $3.80) results after the close for any insight into the state of the U.S. consumer.