What’s in Today’s Report:
- Four Keys to a Market Bottom Updated
- Weekly Market Preview
- Weekly Economic Cheat Sheet (All About Inflation)
Futures are slightly lower following a quiet weekend outside of the oil markets.
Saudi Arabia signaled it will cut oil output by 500k bbls in December in response to falling oil prices, and Russia hinted it will do the same. Oil rallied 2% on the news initially although it’s given back most of those gains as of this writing.
Away from oil it was a quiet weekend as there were no notable economic reports or changes in U.S./China trade, although the U.S. dollar is hitting new 2018 highs on the latest negative Brexit headlines.
Today should be a generally quiet day given 1) the Veteran’s Day holiday (banks and bond markets are closed), and 2) There are no notable economic reports or earnings today. There is one Fed speaker, Daly (2:30 p.m. ET) but her comments won’t move markets.
So, our focus today will be on the dollar, which is now at fresh 2018 highs. If it continues to grind higher that will likely pressure stocks today (a suddenly stronger dollar is not what this market needs right now).