Tom Essaye, The Sevens Report: “There is no question that growth and earnings will be lower in the coming months, and while we saw some pretty significant cuts to expected S&P 500 2020 earnings…” Click here to read the full article.
US stock futures are down roughly 10 points this morning as yesterday’s big rally and notable post-market gains thanks to strong NFLX earnings are digested and investors look ahead to the Fed Minutes today.
Economically, EU HICP (their CPI equivalent) was in-line with expectations at 2.1% yoy but the core figure was soft, slipping to 0.9% from 1.0% which is mildly dovish for ECB policy outlook.
Looking into today’s session, there is just one economic report due out: Housing Starts (E: 1.221M) which will leave investors primarily focused on the FOMC Minutes due out at 2:00 p.m. ET. Earnings season takes a breather today as there are no major releases.
On that note, the huge beat by NFLX after the close yesterday should help tech shares continue to trade well this morning which could see this rebound extend higher into the Fed release this afternoon.