Is a Dovish Hike the Same as a Fed Pivot? No.
What’s in Today’s Report:
- Is a Dovish Hike the same as a Fed Pivot? No. Here’s Why.
- EIA Update and Oil Analysis
Futures are little changed as rising hope of smaller than expected future rate hikes is being offset by ugly tech earnings.
Meta (FB) missed earnings and posted underwhelming guidance and the stock fell nearly 20% after hours, continuing this week’s trend of disappointing tech earnings.
Today will be a busy day of earnings and economic data. The most important events of the day will come after the close via the AAPL ($1.26), AMZN ($0.22), INTC ($0.34) earnings, and given the disappointing tech earnings so far this week, the market will need solid numbers today.
Outside of those earnings, other key events today include the ECB Rate Decision (E: 75 bps hike), Durable Goods Orders (E: 0.6%), Jobless Claims (E: 223K) and Preliminary Q3 GDP (E: 2.3%) and the market will be looking for “just right” outcomes from each (an ECB that’s not too hawkish, and U.S. economic data that’s not too good or not too bad).