What’s in Today’s Report:
- What Pushes Stocks Higher from Here?
- Weekly Market Preview: Earnings Take Center Stage
- Weekly Economic Cheat Sheet: Growth Data in Focus this Week
Futures are slightly lower following mixed Chinese economic data and a potential further escalation of the Russia/Ukraine war.
Chinese economic data was mixed as GDP and Retail Sales both missed estimates, while Industrial Production beat, and the data will keep markets wanting more stimulus.
Possibility of further escalation of the Russia/Ukraine war increased after Ukraine claimed responsibility for the destruction of a bridge linking Crimea and Russia.
Today focus will be on the first data point for July, the Empire Manufacturing Index (E: -4.3). Markets will want to see this number be stronger than expectations and ideally turn positive, furthering the “Golidlocks” market narrative of falling inflation but stable growth.