Is Market Momentum Faltering?
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What’s in Today’s Report:
- Is Market Momentum Faltering?
- Oil Outlook Updated
Futures are slightly higher as better than expected EU inflation metrics offset slightly underwhelming NVDA earnings.
Spanish and German regional CPIs declined more than expected and that’s increasing ECB rate cut expectations and reminding investors of the global rate cutting cycle.
With NVDA results behind us, focus turns back to data and the important reports today include Jobless Claims (E: 232K), Pending Home Sales (E: 1.0%) and Final Q2 GDP (E: 2.8% y/y saar). Of the three, jobless claims are most likely to move markets as a jump in claims will slightly increase hard landing worries, while a drop will further reinforce soft landing expectations. There is also one Fed speaker today, Bostic (3:30 p.m. ET), but unless he says he supports a 50 bps cut, he’s unlikely to move markets.
Turning to earnings, NVDA was the highlight of the week but there are still several important reports today that will give us important insight on tech and consumer spending. Notable reports today include: DELL (E: $1.68), MRVL (E: $0.30), BBY (E: $1.15), DG (E: $1.79), , LULU (E: $2.93), ULTA (E: $5.49).
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