What’s in Today’s Report:
- Hard vs. Soft Landing Scoreboard Update
Futures are slightly higher mostly on momentum from Wednesday’s rally and despite more disappointing earnings, this time from Cisco (CSCO).
CSCO orders underwhelmed and that’s weighing on the stock (down 4% after hours) and limiting gains in futures.
There was no new news on the debt ceiling but optimism remains high and a deal is expected before the “X” date.
Focus today will be on economic data, because beyond any short-term debt ceiling drama (or resolution) the bigger issue for this market remains hard vs. soft landing. Key reports today include (in order of importance): Jobless Claims (E: 255K), Philly Fed (E: -20.0) and Existing Home Sales (E: 4.295M). As has been the case, stability remains the key for stocks to extend the rally.
We also have two Fed speakers, Jefferson (9:05 a.m. ET) and Logan (10:00 a.m. ET), but they shouldn’t move markets.