What’s in Today’s Report:
- The Current Reality Facing Stocks (Not Good)
- Technical Update: Watch the VIX
- Weekly Economic Cheat Sheet: CPI Thursday is the Key Number
- Weekly Market Preview: Can Earnings Hold Up?
Futures are slightly lower as markets digest the implications of Friday’s strong jobs report following a mostly quiet weekend.
Friday’s jobs report won’t make the Fed any more hawkish, but it’ll keep stocks facing a dual headwind of aggressive Fed and earnings pressure, and that’s weighing on futures.
There were no notable economic reports overnight.
Today is Columbus Day so there are no economic reports while the banks and bond market will be closed, likely leading to slow trading in stocks. There is one Fed speaker, Evans (9:00 a.m. ET), but he shouldn’t move markets (at this point it’s well-known what the Fed plans to do).