What’s in Today’s Report:
- Is The Bond Market Finally Turning More Positive On Growth?
- Another Brexit Worry?
- EIA and Oil Market Update – No Breakout Yet
Futures are flat following a very quiet night of news.
Economic data was mixed as Australian jobs adds beat expectations (39k vs. (E) 18k) while British retail sales badly missed estimates in November (-0.6% vs. (E) 0.5%. But, neither number is moving markets.
On the earnings front, Micron (MU) had positive commentary and the stock rallied 5% after hours, and that’s helping broader market sentiment this morning (it’s the single biggest reason stocks are flat).
Today’s focus will remain on economic data, and there are three notable reports including (in order of importance): Jobless Claims (E: 221K), Philly Fed (E: 8.5) and Existing Home Sales (E: 5.450M).
As has been the case, the stronger the data, the better, and if we get decent prints from these reports, we’ll be looking at 3200 in the S&P 500 shortly after the open.