What’s in Today’s Report:
- Positive Commentary on the U.S. Consumer (From Someone Who Should Know)
- EIA and Weekly Oil Analysis
Futures are moderately higher thanks to a dovish Fed article in the WSJ and more solid earnings (SBUX).
The WSJ reported that Fed officials are considering ending their balance sheet reduction earlier than expected, and that’s helped lift futures.
Economic data underwhelmed again as the German IFO Business Expectations Survey declined to 94.2 vs. (E) 97.0.
Today there are no economic reports (Durable Goods & New Home Sales won’t be produced because of the shutdown) and the earnings calendar is relatively quiet (ABBV ($1.92) and CL ($0.73) are two names we’re watching), so focus will likely remain on political headlines as there finally appears to be hints of progress at resolving this government shutdown (although the solution may only last three weeks). If we get any positive news on the shutdown, that’ll likely add to the early rally.