What’s in Today’s Report:
- Sector Trends: Relative Strength to the S&P 500
- EIA Analysis and Oil Market Update
Futures are slightly higher as incrementally positive macro news offset more disappointing tech earnings.
Nvidia earnings underwhelmed and the stock fell 5% after hours, and that is weighing on tech this morning.
But, not as hawkish as feared in FOMC minutes and the continued reopening of Shanghai offset the soft NVDA earnings.
Today’s focus will be on economic data via the Revised Q1 GDP (-1.4%), Jobless Claims (E: 208K), and Pending Home Sales (E: -1.3%). Given the recent weakness in other economic data, the market will want to see stability in the numbers to continue to push back on stagflation concerns.