What’s Next for the Oil Market?
What’s in Today’s Report:
- Oil Market Outlook: Supply, Demand, and COVID-19
- Economic Data Takeaways
Stock futures are modestly higher this morning while international markets were mixed overnight as investors weigh a fresh record number of new coronavirus cases in the U.S. against economic data that was mostly upbeat this week.
NFLX is notably down 7% in pre-market trade after the company reported disappointing Q2 results yesterday.
Economically, Eurozone HICP met expectations in June, rising 0.3% but the report did not materially move markets overnight.
Today, investor focus will be on earnings early with three more notable financial companies reporting before the bell: ALLY ($0.33), BLK ($6.90), and CFG ($0.17).
Then there are two economic reports due out this morning: Housing Starts (E: 1.190M), and Consumer Sentiment (E: 79.3) while no Fed officials are scheduled to speak.
Bottom line, markets began to trade with a more cautious tone over the course of the week but for now, upbeat economic data has been able to offset rising new cases of COVID-19 in the U.S. and as long as underlying sentiment remains largely optimistic, stocks should be able to maintain or extend gains into the weekend today.