October MMT Chart and a Caution Signal From the VIX
What’s in Today’s Report:
- The Latest on AI Bubble Discussions
Futures are little changed following a generally quiet night of news as there was no progress on resolving the shutdown and as investor attention turns to earnings.
Economically, the only notable report was German exports which declined modestly (down –3.9%).
Today there are no notable economic reports but there are several Fed speakers including, most importantly, Powell (8:30 a.m. ET). Other Fed speakers today include Bowman (8:35 a.m. & 3:45 p.m. ET), Barr (12:45 p.m. ET), Daly (6:40 p.m. ET). The key for markets here is clear: If Powell (and others) reiterate their concern about the labor market and hint at more rate cuts, that should help support stocks amidst this absence of economic data.
Earnings season also kicks off this week, although next week is when results begin in earnest. Some reports to watch today include: DAL ($1.52), PEP ($2.27), HELE ($0.34), LEVI ($0.31).