U.S. stock futures are extending yesterday’s gains this morning as easing inflation concerns…writes Tom Essaye, founder of Sevens Report Research. Click here to read the full article.
Until then, expect a more volatile market, but at this point, strong policy support for stocks remains very much in place, and that’s a good thing…according to Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. Click here to read the full article.
This is an evolution a bit — Ark accepting it’s a large fund-family now, it makes sense that especially in some of the smaller cap names they are reducing…said Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. Click here to read the full article.
“Futures are marginally lower as markets digested the slightly hawkish FOMC minutes,” writes Tom Essaye, founder of Sevens Report Research. Click here to read the full article.
Inflation fears will remain a headwind for stocks until it becomes clear that price pressures are temporary. “Until then, expect a more volatile market, but at this point, strong policy support for…” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. Click here for the full article.
“For people to say Bitcoin shouldn’t influence equity prices on a short-term basis, that’s crazy. We live in a 24/7 market and at least in the short term…” said Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. Click here for the full article.
What’s in Today’s Report:
Futures are modestly higher as markets digest yesterday’s dovish Fed rhetoric while data overnight was solid.
German Manufacturers’ Orders and Euro Zone Retail Sales both beat estimates, again implying the economic recovery in Europe is gaining momentum (this is positive for European stocks).
Fed officials repeated their dovish stance yesterday with Vice Chair Clarida reinforcing it’s not time to think about tapering despite rising inflation and strong growth.
Today focus will be on weekly Jobless Claims (E: 533K) and again markets will want to see them hold the gains of the past few weeks. We also get numerous Fed speakers including (in order of importance): Williams (9:00 a.m. ET), Mester (1:00 p.m. ET), Bostic (1:00 p.m. ET) and Kaplan (10:00 a.m. ET) but we don’t expect any of them to materially move markets.
“Futures are modestly lower on disappointing economic data…” wrote Tom Essaye, founder of Sevens Report Research in a note. Click here to read the full article.
What’s in Today’s Report:
WatFutures are modestly higher thanks to better than expected global economic data.
Economic data was good overnight as global flash manufacturing PMIs beat estimates in Japan (53.3 vs. (E) 52.7), the EU (63.3 vs. (E) 62.3) and the UK (60.7 vs. (E) 59.1). Additionally, UK Retail Sales also beat expectations (7.2% vs. (E) 4.2%), and in sum the data implies the global economic recovery is gaining momentum (which is a positive).
Today the key report will be the April Flash Composite PMI (E: 59.5), but markets will also be looking for more clarity on proposed tax increases from the Biden administration. We also get New Home Sales (E: 887K) but that shouldn’t move markets.
On the earnings front, some reports we’re watching today include: AXP ($1.68), SLB ($0.19), HON ($1.80).
What’s in Today’s Report:
Stock futures are wavering between gains and losses this morning as a spike in COVID-19 cases in several global “hot spots” is raising concerns about the future of the economic recovery while NFLX earnings disappointed yesterday.
A sharp rise in COVID cases in Japan and India caused Asian markets to decline overnight amid the threat of new lockdowns and ultimately a slower than expected economic normalization process.
There are no economic reports or Fed speakers today but there is a 20-Year T-Bond auction at 1:00 p.m. ET that could move Treasury markets.
Aside from coronavirus developments, market focus will remain on earnings today following yesterday’s disappointing results by NFLX. Notable companies releasing Q1 results today include: VZ ($1.29), NEE ($0.61), CMG ($4.88), DFS ($2.88), LVS (-$0.28), and CP ($3.46).