Here We Go Again: Why Bad Data Isn’t Good for Stocks
Here We Go Again: Why Bad Data Isn’t Good for Stocks: Start a free trial of The Sevens Report.
What’s in Today’s Report:
- Here We Go Again: Why Bad Data Isn’t Good for Stocks
- EIA Analysis and Oil Market Update
Futures are moderately lower following disappointing tech earnings overnight.
META (down 13% pre-open), IBM (down 10% pre-open) and NOW (down 5% pre-open) all posted disappointing results and tech stock weakness is weighing on futures.
Economically there was no notable data overnight.
Today focus will be on economic data and earnings. From a data standpoint, Advanced Q1 GDP (E: 2.3%) is the key report and markets will want to see a headline that meets (or slightly misses) expectations and price data that’s in-line or lower than estimates (if that occurs, July rate cuts hopes will rise). Other data today includes Jobless Claims (E: 215K) and Pending Home Sales (E: 1.0%).
On earnings, there is a deluge of reports today, but the key potential market movers include: MSFT ($2.81), GOOGL ($1.49), INTC ($0.11), AAL (-$0.28), RCL ($1.30), CAT ($5.12), TMUS ($1.89).
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