Start of a Pullback? Two Factors to Watch
What’s in Today’s Report:
- Start of a Pullback? Two Factors to Watch
- Weekly Market Preview (All About CPI and Earnings)
- Weekly Economic Cheat Sheet
Futures and most global markets are moderately lower thanks to further deterioration in U.S./China relations.
Secretary of State Pompeo met with his Chinese counterpart and the tone of the meeting was less than friendly, reminding markets of deteriorating U.S./China relations.
Chinese econ data was solid as the Caixin Service PMI rose to 53.1 vs. (E) 51.5. But, Chinese officials cut bank reserve requirements again, a sign the economy is still struggling.
Today the calendar is quiet due to the Columbus Day holiday, and as such there are no economic reports today or Fed speakers, and the bond market is closed. That said, we could still see volatility and once again tech is a leading indicator for the market. If tech breaks last week’s lows (7,715) look for selling to accelerate.
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