What’s in Today’s Report:
- Bottom Line: Rebound Update
- Jobs Report Preview (Abbreviated Version)
Futures are decidedly higher this morning after Chinese shares led global equities higher overnight thanks to continued optimism about a US-China trade deal.
A Bloomberg article released early this morning reported that the Trump Administration has begun working on the terms of a trade agreement to present to President Xi at the G20 spurring sizeable risk-on money flows overnight.
Looking ahead to today’s session, focus will be on economic data early with the Employment Situation (E: 190K), International Trade (E: -$53.3B), and Factory Orders (E: 0.4%) figures all due out within an hour of the open. There are no Fed officials scheduled to speak today.
On the earnings front, there are several notable releases to watch ahead of the bell: BABA ($1.09), XOM ($1.21) and STX ($1.55).
Once earnings and economic data are digested, focus will likely return to momentum, technicals, and any incremental news on trade. On the charts, the S&P’s 200 day moving average is sitting at 2765 which will be an initial upside target if the bullish momentum continues today.