What’s in Today’s Report:
- What Comes Next? Three Catalysts To Watch
- Weekly Market Preview: Fed Speak and Important Data This Week
- Weekly Economic Cheat Sheet: Empire and Philly Manufacturing Surveys This Week (Both June Data)
Futures are sharply lower on rising coronavirus concerns, as cases continued to rise in the U.S. over the weekend.
Certain states (CA/TX/FL/AZ) continue to see an acceleration in new coronavirus cases, although national new cases remain around 20k (where they’ve been for weeks).
Chinese economic data was slightly disappointing as Industrial Production (4.4% vs. (E) 5%), Retail Sales (-2.8% vs. (E) -2.33%) and Fixed Asset Investment all missed expectations.
Today focus will be on that 3,002 low in the S&P 500 from Thursday. If that’s broken, a run down towards 2900 becomes much more likely. Economically, the June Empire Manufacturing Survey (E: 30) is the key number today because it is the first look at June data, and the market will want to see continued improvement from May. There’s also one Fed speaker today, Kaplan (11:00 am E.T.), but he’s unlikely to move markets given Powell is speaking tomorrow.