What is the Shadow Fed?
What’s in Today’s Report:
- What is the Shadow Fed?
Futures are modestly lower as geopolitical concerns offset more strong tech earnings.
Geo-politically, multiple news outlets reported that Israel is preparing for a strike on Iranian nuclear facilities, which is boosting gold prices and weighing on global markets.
Oracle (ORCL) beat earnings on continued robust demand for AI infrastructure (the stock is up 7% pre-market).
Today focus will be on economic data via Jobless Claims (E: 243K) and PPI (E: 0.2% m/m, 2.6% y/y). Claims have ticked higher in the last few weeks and if that continues, it will slightly increase economic anxiety and (slightly) pressure stocks. On inflation, PPI is viewed as a loose leading indicator of CPI so if PPI can remain subdued, it’ll boost confidence inflation remains under control.
Finally, notable tech earnings continue today with ADBE ($4.01).