Hard Landing vs. Soft Landing Scoreboard
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What’s in Today’s Report:
- Hard Landing/Soft Landing Scoreboard
- Case-Shiller Home Price Index Continues to Rise: Chart
- Consumer Confidence Report Highlights Uncertain Economic Outlook
U.S. equity futures are mixed as continued strength in tech shares is supporting gains in Nasdaq 100 contracts while both the Dow Industrials and Russell 2000 futures are lower amid higher yields in the wake of hot inflation data overnight.
Economically, Australian CPI came in hot with the headline jumping to 4.0% y/y vs. (E) 3.8%, up from 3.6% previously.
In Europe, Germany’s GFK Consumer Climate Index slipped to -21.8 vs. (E) -20.0 pointing to weakening sentiment.
Looking into today’s session there are no Fed speakers scheduled to speak and just one economic report to watch: New Home Sales (E: 650K).
There is a 5-Yr Treasury Note auction in the early afternoon (1:00 p.m. ET) and investors will want to see strong demand like we saw with yesterday’s 2-Yr auction to keep bond yields stable and near recent lows.
Finally, there is one earnings release worth noting today as Micron Technologies will report quarterly results after the close (E: $0.51) and with a lot of optimism surrounding tech and AI, results will need to meet or exceed expectations to keep the mega-cap tech rally alive.
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