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An Interesting Chart to Show Clients

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What’s in Today’s Report:

  • An Interesting Chart to Show Clients

Futures are little changed despite an underwhelming night of earnings and higher oil prices.

Earning overnight were disappointing, as TSLA, IBM and SAP all missed earnings or cut guidance.

Geo-politically, the U.S. sanctioned Russian oil companies Lukoil and Rosneft, causing a 5% spike in oil prices.

Today we do get some economic data via the Chicago Fed (E: -0.12) and Existing Home Sales (E: 4.06 million).  Neither report is normally a market mover, but given the lack of other data, the reports have the potential to move markets.  Solid readings (so in line with expectations) that show stable growth will be the best case for stocks.

Earnings season continues and after a very strong start last week, results this week have been much more mixed.  Reports we’re watching today include:  INTC ($-0.12), AAL ($-0.27), FCX ($0.41), HON ($2.56),  NEM ($1.29), F ($0.38),and  TMUS ($2.42).

Market Multiple Table Chart

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What’s in Today’s Report:

  • Market Multiple Table Chart
  • What Fed Speak Means for Markets (Yesterday and Today)

Futures are little changed following a mostly quiet night and ahead of the ECB decision and Powell Q&A session.

The Reserve Bank of Australia signaled it will slow the pace of rate hikes going forward but gave no insight into its “Terminal Rate.”

Economically, Japanese GDP slightly beat estimates (3.5% vs. (E) 3.0%) but that’s not moving markets.

Today’s focus will be on Powell (9:10 a.m. ET) and the ECB (75 bps hike), and any hint of “peak hawkishness” from Powell or the ECB will be a positive catalyst for markets (and no hints of it will likely be a headwind on stocks).  Outside of Powell and the ECB, we also get Jobless Claims (E: 240K) and there’s one Fed speaker, Evans (12:00 p.m. ET), but neither of those should move markets.