What’s in Today’s Report:
- Updated Market Outlook: “Growth Pillar” Remains Solid, but Volatility Not Necessarily Over
- Weekly Economic Cheat Sheet
US stock futures are little changed this morning as last week’s gains are digested with focus remaining on the trade war with China, elections, and recent economic data.
There were no material developments on the trade front over the weekend however sentiment has deteriorated modestly since Friday which weighed on risk assets overnight, namely in Asia.
Additionally, China’s Services PMI fell 2.3 points to a thirteen month low of 50.8 in October which further weighed on Asian markets.
Looking into today’s session, there is one economic report to watch in the US: ISM Non-Manufacturing Index (E: 59.4) and there are two Fed speakers: Williams ahead of the bell (8:30 a.m. ET), and Kaplan later this evening (7:30 p.m. ET).
On the charts, 2705 will be a key support level to watch in the S&P today as a violation would likely see selling accelerate back down into the mid 2,600’s. To the upside, a break above 2,750 would open the door to a run back above 2,800.