What’s in Today’s Report:
- What’s Priced into Stocks At These Levels?
- Weekly Market Preview: More Trade Updates Coming
- Weekly Economic Cheat Sheet: Key Data on Friday
Futures are modestly lower this morning thanks to disappointing U.S./China trade news and underwhelming economic data.
President Trump threw more cold water on the idea of existing tariff reduction over the weekend saying that the tariff reduction story was “over-reported.”
Economically, Chinese New Yuan Loans rose 12.4% vs. (E) 12.5%, while British IP & Q3 GDP slightly missed estimates.
Today should be relatively quiet as there are no economic reports today and no Fed speakers due to the Veteran’s Day holiday. The bond market is also closed.
However, any trade news/commentary could cause larger than normal volatility given expected holiday trading volumes, so we’ll be watching the tape closely.