The Reason Stocks & Bonds Are Declining (You’ve Seen It Before)
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What’s in Today’s Report:
- The Reason Stocks & Bonds Are Declining (You’ve Seen It Before)
Futures are bouncing modestly following solid earnings and positive corporate news overnight.
Earnings overnight were decent as TSMC beat expectations while Bank of American upgraded AAPL.
Economically, however, the Aussie jobs report was soft (- 66k vs. (E) 15k) and that’s increasing global growth worries.
Today focus will stay on economic data as we get two important report, Jobless Claims (E: 206K) and Philly Fed Manufacturing Index (E: -6.7). The Philly index will be especially watched following the implosion of the Empire Manufacturing survey on Tuesday and if we see a similar number this morning, look for some hard landing concerns to drift higher.
Away from those two reports we also get Housing Starts (1.425 million) and there is one Fed speaker, Bostic (7:30 a.m. and 12:05 p.m. ET), but they are unlikely to move markets.
On earnings, results really ramp up next week but some reports we’re watching today include: TSM ($1.37), PPG ($1.50), JBHT ($1.74).
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