What’s in Today’s Report:
- FOMC Preview (Key Word: Accommodative)
- Chart: Brent Crude Hits Multiyear High
US stock futures are pointing to a modest rebound this morning after yesterday’s pullback in the major indexes as US—China trade tensions linger.
On a positive note, the US did sign a revised trade deal with South Korea overnight which slightly improved sentiment towards global trade.
Overseas, markets were mixed but mostly little changed after a quiet night of news as a sense of “Fed Paralysis” takes hold ahead of tomorrow’s FOMC Announcement, Forecasts and Press Conference.
Today’s session is not likely to be a very exciting one with the Fed looming tomorrow but there are some housing market reports due out before the bell: S&P Corelogic Case-Shiller HPI (E: 0.1%), FHFA House Price Index (E: 0.3%) and Consumer Confidence (E: 131.7) will print at 10:00 a.m. ET.
Although it will be quiet, any new trade developments or material political headlines still have the potential to move the market intraday as investors remain very sensitive to those two issues.
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