Two Events That Could Actually Cause a Pullback
What’s in Today’s Report:
- Two Events That Could Actually Cause A Pullback
- Weekly Market Preview: All About the Fed (Does Powell Signal A September Cut on Friday?)
- Weekly Economic Cheat Sheet: Important Growth Updates This Week (Do They Push Back on Stagflation Worries?)
Futures are slightly lower as the Trump/Putin summit produced no substantial changes in the war amidst an otherwise quiet weekend (market focus is on Powell’s speech Friday and whether he hints at a Sept rate cut, or not)
The Trump/Putin summit resulted in neither a ceasefire nor the threat of oil sanctions and as such, the market is largely ignoring the event.
There were no notable economic reports overnight.
Focus today will be on geo-politics with President Trump meeting with Ukrainian President Zelensky and European leaders at the White House to discuss how to end the war in Ukraine. From a market standpoint, its focus remains on oil prices. If the cease fire efforts fail and Trump again threatens oil sanctions on China and other countries buying Russian crude, that will push oil prices higher and put a headwind on stocks.
Outside of geopolitics, there is one economic report today, NAHB Housing Market Index (E: 34) and an important earnings report after the close (Palo Alto Networks, PANW ($0.50). Given last week’s underwhelming tech reports, markets will want to see a solid result.