What’s in Today’s Report:
- FOMC Takeaways (Resistance at 3000 in the S&P 500 Getting Stronger)
- Oil Market Update (Inventories and latest from Saudi Arabia)
Futures are slightly lower as markets digest a “not as dovish as wanted” Fed decision after a generally quiet night.
The market’s reaction to the Fed meeting is one of mild disappointment as the FOMC did not guarantee more rate cuts, although they signaled they will come if needed.
Economic data was sparse overnight as British Retail Sales met expectations and that number’s not moving markets.
Today there are several notable economic reports, including (in order of importance): Philly Fed (E: 11.3), Jobless Claims (E: 214K), Existing Home Sales (E: 5.375M) and Leading Indicators (E: 0.1%). The Bank of England is also out with a rate decision this morning but no change is expected.
But, the most important event of the day is the start of the lower level U.S./China trade talks, and any positive “chatter” from these meetings should help stocks offset mild Fed disappointment.