How Bad Was the News Last Week?
What’s in Today’s Report:
- How Bad Was the News Last Week?
- Weekly Market Preview: Can Democrats Close the Gap?
- Weekly Economic Cheat Sheet: Jobs Report Friday.
Futures are modestly lower following a mostly quiet weekend of news as investors digested last week’s volatility.
On the Debt Ceiling and other Washington issues, there was no major progress over the weekend although Democrats continue to narrow the gap and progress is occurring towards a compromise deal between liberals and moderates (the compromise is likely at $1.5 trillion and the current negotiations are just above $2 trillion, down from $3.5 trillion).
Trade will be in focus again today as the Biden Administration gives a China trade and tariff update at 10:00 a.m. although no new tariffs are expected.
Today there are no notable economic reports although there are two Fed speakers, Bullard and Rosengren, both at 10:00 a.m. ET. So, focus will be on the trade speech at 10:00 and on the Democrat’s ongoing negotiations. Any signs of further progress towards a deal could help extend Friday’s rally.