Are Markets Giving An “All Clear” Signal?
What’s in Today’s Report:
- Are Markets Giving An “All Clear” Signal?
- Weekly Market Preview: Can This Rebound Hold?
- Weekly Economic Cheat Sheet: The First National Numbers for May (This Thursday)
Futures are lower (down more than 1%) following the Moody’s downgrade of U.S. debt Friday afternoon.
The Moody’s downgrade wasn’t dramatic news (S&P and Fitch downgraded U.S. debt years ago) but it is pushing the 10 year yield higher and that’s weighing on futures.
Economically, Chinese economic data underwhelmed (Retail Sales and Industrial Production missed estimates).
Today focus will be on economic data and Fed speak. Economically, Leading Indicators (E: -0.7%) is the most notable report while we have several Feds speakers including: Williams & Bostic (8:30 a.m. ET), Jefferson (9:45 a.m. ET) and Logan (1:15 p.m. ET). If they echo Powell from last week and are somewhat dismissive of near-term rate cuts, that could add to the headwinds on stocks today.