Technical Market Update
What’s in Today’s Report:
- Technical Market Update
- Why are Small Caps Outperforming?
- How Bad Was Economic Data Yesterday? (Answer: Bad)
Futures are extending Wednesday’s losses following more disappointing earnings and as worries about the economy grow.
Alcoa (AA), Allstate (ALL), and Discovery Financial (DFS) posted soft earnings or negative guidance overnight.
Today we get several important economic reports including, in order of importance: Philly Fed (E: -10.3), Jobless Claims (E: 215K), and Housing Starts (E: 1.362M).
There are also several Fed speakers and the most important one is Brainard (1:15 p.m. ET) and if she’s slightly dovish, that will help markets stabilize. Collins (9:00 a.m. ET) and Williams (6:35 p.m. ET) also speak today.
Finally on the earnings front, we get more important results today and the market needs some good news. Reports we’re watching include: PG ($1.58), FAST ($0.42), NFLX ($0.45), and PPG ($1.15).
