Where Is the Trump Put?

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What’s in Today’s Report:

  • Where Is the Trump Put?
  • Chart – NVDA Violates Support
  • Chart – Atlanta FED GDPNow Collapses to Negative Territory
  • ISM Manufacturing Index Takeaways

Futures are modestly lower as investors digest the latest developments in the emerging global trade war.

The Trump administration confirmed 25% tariffs on Canada and Mexico went into effect overnight while tariffs on China were increased from 10% to 20%, prompting retaliatory trade policy actions from those nations which added to trade-war uncertainties.

Economically, the Eurozone Unemployment Rate fell to 6.2% vs. (E) 6.3% which saw global yields rise modestly.

Looking into today’s session, there is one second-tiered economic report to watch: Motor Vehicle Sales (E: 15.9 million) and one Fed speaker in the afternoon: Williams (2:20 p.m. ET).

Additionally, we will get quarterly earnings from more big-name retailers today which could shed further light on consumer spending trends including: TGT ($2.25), BBY ($2.40), JWN ($0.90), and ROST ($1.65).