Why Have Stocks Already Recouped Most of Tuesday’s Losses?
Why Have Stocks Already Recouped Most of Tuesday’s Losses? Start a free trial of The Sevens Report.
What’s in Today’s Report:
- Why Have Stocks Already Recouped Most of Tuesday’s Losses?
Futures are slightly higher mostly on momentum from Thursday’s rally and despite hotter than expected economic data and hawkish Fed commentary.
UK Retail Sales rose 3.4% vs. (E) 1.5% and that hot reading is pushing back on yesterday’s dovish expectations.
Atlanta Fed President Bostic pushed back on near term rate cut expectations during a speech Thursday night.
Today focus will remain on economic data and the key report today is PPI (E: 0.1% m/m, 0.7% y/y). PPI isn’t as important as Tuesday’s CPI, but if it shows a similar pop higher, that add to inflation anxiety and likely push yields higher (and stocks lower).
Other notable data and events today include Housing Starts (E: 1.47 million), Consumer Sentiment (E: 80) and two Fed speakers: Barr (9:10 a.m. ET), Daly (12:10 p.m. ET). But, barring a big surprise from the data or Daly, they shouldn’t move markets.
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