Companies have cited margin issues and supply chain disruptions, but so far managements have…wrote Tom Essaye, founder of Sevens Report Research. Click here to read the full article.
What’s in Today’s Report:
Futures are modestly lower as markets digested the rally of the past two days, following underwhelming economic data and earnings overnight.
Nike (NKE) became the latest major company to cut guidance on margin concerns and supply chain issues and the stock dropped nearly 5% after hours.
Japanese flash manufacturing PMI missed estimates at 51.2 vs. (E) 52.0 mirroring the loss of momentum from global flash PMIs.
Today focus will remain on China headlines (although Evergrande is fading as a major market influence) and on multiple Fed speakers: Mester (8:45 a.m. ET), Powell, Bowman, Clarida, George (10:00 a.m. ET), and Bostic (12:00 p.m. ET). Finally, we also get New Home Sales (E: 708K) but that shouldn’t move markets.
“The not-too distant memory of negative oil prices still stings traders across the space as the threat of another supply chain crunch would rise exponentially with…” analysts wrote in the latest newsletter from Sevens Report Research. Click here to read the full article.
