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What’s in Today’s Report:

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Futures are little changed despite solid economic data and some hopes any Iran strikes by the U.S. could be limited.

Economic data overnight was good as the EU flash composite PMI (51,9 vs. (E) 51.4) and the UK flash composite PMI (53.9 vs. (E) 52.2) both beat estimates.

Geopolitically, reports overnight stated a U.S. strike on Iran could be limited and aimed and furthering negotiations.

Today focus will remain on geopolitics (and reduced chances of a strike on Iran will be positive for markets) and economic data, as there are several economic reports today.  They are, in order of importance:  Flash Manufacturing PMI (E: 51.9), Core PCE Price Inde (E: 0.3% m/m, 2.9% y/y) and Advanced Q4 GDP (E: 2.8%).  As has been the case, solid data that’s a bit better than expectations remains the best-case scenario for stocks as it reinforces solid growth.

Finally, on the Fed front, there are two speakers today, Bostic (9:45 a.m. ET) and Musalem (3:30 p.m. ET), but they shouldn’t move markets.