What’s in Today’s Report:
- How Share Buybacks Are Skewing EPS Statistics
S&P futures are flat after a quiet night of mixed trading overseas as investors digest mostly positive economic data.
The Japanese PMI Composite was the only report to miss overnight as German Manufacturers’ Orders jumped 1.3% vs. (E) 0.2% while the EU Composite PMI edged up to 50.6 vs. (E) 50.2 and EU Retail Sales rose 3.1% vs. (E) 2.7% year over year.
On balance, the data was slightly hawkish from a monetary policy standpoint but is importantly easing global growth concerns.
Today, there is one economic report to watch: Productivity and Costs (E: 1.1%, 2.2%) and three Fed officials are scheduled to speak: Evans (8:00 a.m. ET), Williams (9:30 a.m. and 6:30 p.m. ET), and Harker (3:15 p.m. ET).
With limited catalysts on the calendar, the market will likely remain focused on the trade war and any incremental developments, negative or positive, will move stocks today.