Can the Rest of the Market Rally If Tech Is Weak?
What’s in Today’s Report:
- Can the Rest of the Market Rally If Tech is Weak?
- Weekly Market Preview: Can AI Enthusiasm Rebound? (NVDA Earnings on Wednesday Are Key)
- Weekly Economic Cheat Sheet: The First Look at November Data (Flash PMIs on Friday)
Futures are moderately higher mostly on momentum from Friday’s rebound and following a quiet weekend of news.
On trade, there was positive news as the White House confirmed reduced tariffs on numerous food products as it aims to boost affordability.
Economically, the only notable report was Italian CPI which rose 1.3%, as expected.
Today we have the first economic report for November, Empire Manufacturing (6.10), and numerous Fed speakers. Williams (9:00 a.m. ET) and Waller (3:35 p.m. ET) are the most important speakers today but we will also hear from Jefferson (9:30 a.m. ET), Kashkari (1:00 p.m. ET) and Logan (7:55 p.m. ET). Bottom line, if Empire manufacturing is stable and the tone of Fed speak today is open to a December cut (especially from Williams and Waller) that should help extend Friday’s rebound.
