What’s in Today’s Report:
- Did Yesterday’s Data Imply a Soft Landing is More Likely?
Futures are slightly lower as markets digest Thursday’s rally following a mostly disappointing night of earnings.
Intel (INTC) posted very disappointing results and the stock dropped –9% overnight while other earnings reports were mostly mixed.
Economic data was sparse as Euro Zone Money supply was the only notable indicator and it rose 4.7% vs. (E) 4.8%.
Today focus will turn to inflation via the Core PCE Price Index (E: 0.3%, 4.4%) and five-year inflation expectations in U-Michigan Consumer Sentiment (E: 64.6). The lower those inflation numbers, the better, and if we get soft inflation data that likely will help extend this week’s rally as it’ll increase expectations for a Fed pause in the next month or two. We also get Pending Home Sales (E: -1.0%) but that shouldn’t move markets.
On the earnings front, important reports today include: CVX ($4.16), AXP ($2.18), and CL ($0.76).