Bottom line for oil, futures just notched their eighth-consecutive weekly rise and prices are technically…the Sevens Report analysts said. Click here to read the full article.
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What’s in Today’s Report:
Stock futures are little changed this morning as investors digest recent gains and await more important earnings results.
On the inflation front, German PPI ran hot (2.3% vs. E: 1.0%), but EU HICP (their CPI) met estimates of 0.5% which is helping ease some price related concerns this morning (yields are off the overnight highs).
Looking into today’s session, there are no notable economic reports but multiple Fed speakers including: Bostic (12:00 p.m. ET), Kashkari (12:00 p.m. ET), Evans (12:00 p.m. ET), Quarles (1:00 p.m. ET), Bullard (1:45 p.m. ET), and Daly (8:35 p.m. ET).
Looking to earnings, focus will be on: VZ ($1.36), WGO ($1.98), and ABT ($0.92) reporting pre-market and then TSLA ($1.49), IBM ($2.49), PPG ($1.56), and DFS ($3.38) releasing results after the close.
What’s in Today’s Report:
U.S. stock futures are pointing to a higher open today as bond markets remain largely steady and investors continue to focus on the solid start to Q3 earnings season.
There were no notable economic reports or market-moving headlines overnight.
Looking into today’s session, there is one economic report to watch: Housing Starts (E: 1.621M) and several Fed officials are scheduled to speak: Daly (8:00 a.m. ET), Harker (8:50 a.m. ET), and Bostic (1:00 p.m. & 2:50 p.m. ET). But as long as there are no major, hawkish shifts in tone by the Fed speakers, the market impact should be limited with the focus increasingly on earnings.
On the earnings front, we will get results from JNJ ($2.37), PG ($1.59), BK ($1.02), TRV ($2.04), SYF ($1.43) ahead of the bell, and then NFLX ($2.56), and UAL (-$1.65) after the close. The important thing investors will be looking for is any new insight on the impact of inflation and margin compression on earnings and importantly forward guidance.
What’s in Today’s Report:
Futures are modestly lower thanks to underwhelming Chinese economic data and rising global bond yields.
Chinese data disappointed as GDP (4.9% vs. (E) 5.2%), Industrial Production, and Fixed Asset Investment all missed estimates, raising concern about the strength of the Chinese economy.
Global yields are higher as New Zealand CPI spiked to 2.2% (a decade high) while BOE Governor Bailey hinted at a rate hike in December.
Today there are two notable economic reports, Industrial Production (E: 0.2%) and the Housing Market Index (E: 75) and one Fed speaker: Kashkari (2:15 p.m.ET). On the earnings front, the majority of the important reports come later this week but reports we’ll be watching today include: STT ($ 1.92), STLD ($4.95), ZION ($1.38).
However, unless there are major surprises in the data or earnings today, they shouldn’t move markets. So, yields will be the main influence on stocks today and if yields rise throughout the day, expect a stiffening headwind on stocks.
What’s in Today’s Report:
Futures are modestly higher mostly on momentum from Thursday’s earnings-driven rally.
Alcoa (AA) was the only notable earnings report overnight but like most reports on Thursday, it beat estimates. While it’s very, very early in earnings season, so far the results are better than feared and that’s driving the rally.
Today is another busy day of economic data, Fed speak, and earnings. Economically, the three key reports are Retail Sales (E: -0.1%), Empire State Manufacturing Index (E: 25.0), and Consumer Sentiment (E: 74.0). Markets will want to see stability in the first two, and the focus will be on inflation expectations in the third (they need to stay close to last month’s readings).
On the earnings front, we have three notable reports today: GS ($9.78), PNC ($3.64), JBHT ($1.77), and we also get two Fed speakers, Bullard (11:45 a.m. ET) and Williams (12:20 p.m. ET), with the latter being the more important of the two.
What’s in Today’s Report:
Futures are solidly higher following slightly underwhelming inflation data and better than expected earnings.
Chinese CPI rose 0.7% vs. (E) 0.8%, implying inflation pressures may be peaking.
On earnings, TSM beat estimates and upped guidance and that’s helping to lift stocks.
Today there are two notable economic reports, Jobless Claims (E: 320K) and PPI (0.5%, 8.7%) and markets will want to see claims continue to fall and PPI remain generally stable. We also have multiple Fed speakers today including: Bullard (8:35 a.m. ET), Bostic (9:00 a.m. ET), Barkin & Williams (1:00 p.m. ET) and Harker (6:00 p.m. ET). Their tone will likely be to reinforce that tapering is happening this year (as the market expects) but that shouldn’t move markets.
Finally, on the earnings front, some important results we’ll be watching today include: TSM ($1.03), BAC ($0.71), WFC ($1.03), C ($1.82), UNH ($4.41), MS ($1.70), WBA ($1.03 and AA ($1.85). If inflation is better than expected, that will help stocks rally.
What’s in Today’s Report:
Stock futures are slightly higher this morning while global shares were mixed overnight ahead of fresh U.S. inflation data and the unofficial start to the Q3 earnings season.
Economically, German CPI met expectations while Eurozone Industrial Production beat estimates, which is helping ease recent stagflation concerns this morning.
Looking into today’s session, focus will be on inflation data with the September CPI report due at 8:30 a.m. ET (E: 0.3%, 5.3%) as well as the start of Q3 earnings season with JPM ($3.00) and DAL ($0.15) reporting results before the open.
Then in the afternoon, we will get the FOMC Meeting Minutes (2:00 p.m. ET) and multiple Fed speakers: Brainard (3:30 p.m. ET), Bowman (8:00 p.m. ET).
Finally, there is a 30-Yr Treasury Bond auction at 1:00 p.m. ET that could impact yields and ultimately move equity markets (especially if yields make new highs).
What’s in Today’s Report:
U.S. equity futures fell with global stocks overnight amid ongoing stagflation fears but optimism that the House will pass the debt ceiling bill today has helped stocks stabilize.
Economically, the German ZEW Survey slightly missed estimates while the NFIB Small Business Optimism Index was 99.1 vs. (E) 99.5 but neither report is materially moving markets this morning.
Looking into today’s session, there is just one economic report to watch: August JOLTS (E: 11.013M) but it would take a meaningful surprise in the release to impact markets as it is a very dated report.
Meanwhile, there are no Fed officials scheduled to speak but there are two notable Treasury auctions to watch: 3-Yr Note (11:30 a.m. ET) and 10-Yr Note (1:00 p.m. ET).
Outside any potential surprises from Congress regarding the bill to raise the debt limit, if we see rates continue to accelerate higher on inflation worries today, then stocks could remain volatile and potentially test last week’s lows.