An Overlooked (But Important) Earnings Report
What’s in Today’s Report:
- An Overlooked (But Important) Earnings Report
- EIA Analysis & Oil Update
Futures are modestly lower thanks to disappointing economic data and ahead of a busy day of earnings.
Economically, Japanese exports missed estimates (-1.2% vs. (E) 2.0%) as did U.K. retail sales (-0.8% vs. (E) 0.3%).
There were no new political or geo-political events overnight.
Today will be a busy day as we get an important economic report, Philadelphia Fed Business Outlook Survey (E: 20.0) and two Fed speakers (Bullard (9:00 a.m. ET), Quarles (12:15 p.m. ET)) who could add to the growing “hawkish” narrative.
But, the real key to trading today will be earnings as markets need more proof that overseas revenues aren’t at risk, and margins aren’t compressing. If that’s the case, then stocks can continue the rebound. Some reports we’ll be watching include: PM ($1.27), AXP ($1.78), BX ($0.73).