How Is the Market at All-Time Highs?
What’s in Today’s Report:
- How Is the Market at All-Time Highs?
- Weekly Market Preview: Can Earnings and Economic Growth Continue to Support This Market?
- Weekly Economic Cheat Sheet: Flash PMIs the Key Report This Week (More Insight into Stagflation Risks)
Futures are moderately lower on higher oil prices (up 5%) as Iran backtracked on its commitment to reopen the Strait of Hormuz over the weekend.
Iran fired on two commercial ships transiting the Strait while the U.S. seized an Iranian cargo ship, escalating tensions between the two countries.
Despite that escalation, ceasefire talks between the two countries are still expected to occur on Tuesday and markets still fully expect a lasting ceasefire to be agreed to in the relatively near future.
Today, focus will stay on geopolitics and as long as the ceasefire talks in Pakistan aren’t cancelled, markets should mostly ignore any negative geopolitical headlines.
Earnings season also rolls on this week and some notable reports today include: CLF ($-0.40), ALK ($-1.61), STLD ($2.79).