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A Surprising Sentiment Update

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What’s in Today’s Report:

  • A Surprising Sentiment Update

Futures are little changed following a generally quiet night of news and ahead of several economic reports today.

Economically, there were no notable reports overnight.

After two quiet days in the market, today brings a busy calendar of economic data and Fed speak.

Economically, there are numerous reports today including, in order of importance,  Jobless Claims (E: 238K), Durable Goods (E: -0.5%). Final Q2 GDP (E: 3.3%) and Existing Home Sales (E: 3.95 million).  With the Fed now cutting rates, the stronger the data, the better (especially for jobless claims).

Turning to the Fed, there’s a parade of speakers today but none of them are Fed leadership.  Nonetheless, their general tone on future rate cuts will matter and the more dovish the commentary, the better.  Speakers today include: Goolsbee (8:20 a.m. ET), Schmid (9:00 a.m. ET), Bowman (10:00 a.m. ET), Barr (1:00 p.m. ET), Logan (1:40 p.m. ET) and Daly (3:30 p.m. ET).

Finally, earnings continue and some notable reports today include: ACN ($2.98), JBL ($2.81), COST ($5.82).

 

Sentiment Update (A Shocking Discovery)

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What’s in Today’s Report:

  • Sentiment Update (A Somewhat Shocking Discovery)
  • Empire State Manufacturing Survey Takeaways

U.S. stock futures are in the red this morning with tech leading to the downside after the U.S. announced new export restrictions on AI chip exports to China.

Economically, Chinese GDP missed (1.2% vs. E: 1.5% q/q) but Retail Sales beat (5.9% vs. E: 4.2%) while EU HICP (CPI equivalent) was inline with estimates at 2.2% y/y.

Looking ahead to today’s session, there are several important economic reports due to be released in the U.S. including: Retail Sales (E: 1.4%), Industrial Production (E: -0.2%), and the Housing Market Index (E: 38).

Additionally, there are two Fed officials scheduled to speak: Hammack (12:00 p.m. ET) and Schmid (7:00 p.m. ET) and the Treasury will hold a 20-Yr Bond auction at 1:00 p.m. ET.

Finally, earnings season continues with quarterly results due from ASML ($6.12), USB ($0.99), PGR ($4.72), CFG ($0.75), AA ($1.73), and CSX ($0.37) today.