What’s in Today’s Report:
- Follow Up to “How Does The Rally Ultimately End?”
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.