Why the Negative U.S.-Iran Headlines Didn’t Hit Markets More on Monday
What’s in Today’s Report:
- Why the Negative U.S.-Iran Headlines Didn’t Hit Markets More on Monday
- How Is the Consumer So Resilient (Low Unemployment)
Futures are solidly higher this morning and oil prices are down 2%+ as there were no further geopolitical escalations following Iran’s missile strikes on the UAE yesterday.
The Reserve Bank of Australia raised rates 25 bp to 4.35% but signaled policy rates are likely to remain “on hold” at current levels, limiting the hawkish impact on global bond markets.
Today, there are several noteworthy economic reports to watch including International Trade in Goods (E: $-60.4B), New Home Sales (E: 668K), ISM Services Index (E: 53.9), JOLTS (E: 6.8 million). Investors will want to see more signs of solid growth/employment and limited inflation pressures (specifically in the ISM release).
Additionally, there are two Fed officials speaking: Bowman (10:00 a.m. ET) and Barr (12:30 p.m. ET) and a handful of noteworthy earnings releases with investors still primarily focused on the tech names. Earnings today include: SHOP ($0.22), PYPL ($1.27), ET ($0.38), AMD ($1.06), SMCI ($0.55), and AMC ($-0.32).