Why Didn’t Stocks Fall Yesterday?
What’s in Today’s Report:
- Why Didn’t Stocks Fall Yesterday?
Futures are tracking global shares higher amid hopes that continued U.S.-Iran talks this week will yield a lasting ceasefire and end to the war in the Middle East, critically including a sustained reopening of the Strait of Hormuz.
Economically, the NFIB Small Business Optimism Index fell -3.0 to 95.8 vs. (E) 97.5 amid a spike in the Uncertainty Index.
Today, focus will remain on any news or developments regarding plans for the U.S. and Iran to resume ceasefire negotiations with rumors that President Trump may be in attendance and directly involved in the talks.
Additionally, we will get another important inflation report in the form of the March Producer Price Index release ahead of the bell (E: 1.2% m/m, 4.7% y/y) and there is a 52-Week Treasury Bill auction at 11:30 a.m. ET that could shed light on bond traders’ Fed policy expectations.
There are also two Fed officials scheduled to speak today: Goolsbee (12:15 p.m. ET) and Barr (12:45 p.m. ET) but they are unlikely to move markets.
Finally, Q1 earnings season continues to get underway with multiple big banks and large cap U.S. companies reporting quarterly results today including JPM ($5.46), BLK ($11.96), C ($2.64), WFC ($1.57), JNJ ($2.67), and ACI ($0.39).
Investors will be looking for favorable geopolitical news, “cool” inflation data, and strong earnings today in order for the robust April rally to continue.
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