The Outlook for Stocks
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What’s in Today’s Report:
- Has the Outlook for Stocks Really Turned More Negative?
- Weekly Market Preview: Will Treasury Yields Keep Rising?
- Weekly Economic Cheat Sheet: Key Inflation Data This Week
Futures are slightly lower as negative Chinese real estate news offset the end of the Writers Guild of America strike.
Also, Chinese property firm Evergrande hit a setback in its restructuring deal. And that’s increasing liquidation chances (which would weigh on the Chinese economy).
Positively, the WGA struck a deal with Hollywood studios and ended their strike. Although two other major strikes remain in place (SAG-AFTRA and the UAW).
Today should be a generally quiet day in the markets from a news and volume standpoint, as it’s the Yom Kippur holiday and there are only two notable events on the calendar: Chicago Fed National Activity Index (E: 0.15) and a speech by Fed member Kashkari (6:00 p.m. ET). So, we should continue to expect Treasury yields to drive trading today, and if yields move steadily higher (as they are this morning) then that likely will weigh further on stocks.
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