What’s in Today’s Report:
- Earnings Season Preview
- EIA Analysis and Oil Market Update
Futures are little changed following a quiet night of news and ahead of the long weekend.
There were no notable economic reports overnight. Geopolitically, the Russia/Ukraine war raged on as fighting intensifies in eastern Ukraine (as has been expected).
Earnings overnight were net positive as Taiwan Semiconductor (TSM) provided solid guidance and that’s helping to relieve some ongoing semiconductor supply anxiety.
Today will be a busy day, with the first potentially big event being the ECB Decision at 7:45 a.m. ET. No change is expected to rates or QE, but if Lagarde is hawkish in her commentary it could hit stocks.
Economically, we’ll have multiple reports today including, in order of importance, Retails Sales (E: 0.6%), Consumer Sentiment (E: 58.8), and Jobless Claims (E: 175K). As has been the case, markets will want to see continued stability in the data.
Finally, we have two Fed speakers, Mester (2:30 p.m. ET) and Harker (6:00 p.m. ET), but they shouldn’t move markets.