New ETFs to Watch and AI-Bubble Update
What’s in Today’s Report:
- More Bubble Signs? OpenAI and NVDA Partnership
- New ETFs for Your Watchlist
Futures are little changed as traders digest mixed EU Flash PMI data and await fresh comments from Fed Chair Powell today.
Economically, the EU Composite PMI Flash rose to 51.2 vs. (E) 50.9 with the Services Index notably rising to 51.4 vs. (E) 50.5 however the Manufacturing index disappointed.
Today, there are two economic reports to watch in the U.S., both of which will print shortly after the open: PMI Composite Flash (E: 53.0) and the Richmond Fed Manufacturing Index (E: -10).
The Fed’s speaker circuit will remain fairly busy today with Bowman (9:00 a.m. ET) and Bostic (10:00 a.m. ET) speaking this morning before focus will turn to commentary from Powell (12:35 p.m. ET) mid-day.
Additionally, there is a 2-Yr Treasury Note auction at 1:00 p.m. ET that could move bond yields and ultimately impact equities if there are any surprises regarding demand metrics (the stronger the demand the better for stocks).
Finally, some late season earnings reports continue to trickle in with notables reporting today including AZO ($50.52) and MU ($2.69).