Why Didn’t Stocks Fall on the Ugly PMIs?
What’s in Today’s Report:
- Why Didn’t the Ugly PMIs Cause a Further Decline in Stocks?
- August Flash PMI Takeaways
- Dollar Index Hits New Highs: Chart
- Is there a New “OPEC+ Put” Under the Oil Market?
Stock futures are flat and international markets were little changed overnight as currency and bond markets continued to stabilize with the focus remaining on the Jackson Hole Economic Symposium later in the week.
There were no notable economic reports overnight.
Today, no Fed officials are scheduled to speak leaving the focus on economic data early with Durable Goods Orders (E: 0.5%) and Pending Home Sales (E -2.5%) both due out early in the day.
Beyond those economic reports, there is a 5-Yr Treasury Note auction at 1:00 p.m. ET, and if it is as soft as yesterday’s 2-Yr Note auction, that could result in rising yields which would in turn weigh on stocks ahead of Jackson Hole. However, barring any meaningful moves in the currency and bond markets today, it should be relatively quiet as traders begin to position into Powell’s speech on Friday morning.
