What’s in Today’s Report:
- Why Markets Are Ignoring Bad Economic Data
Futures are slightly higher following a generally quiet night of mixed earnings.
On the earnings front, AMZN missed earnings badly but INTC posted strong numbers and the two are largely offsetting one another.
Regarding U.S./China trade, there is a phone call between the two countries today where China will ask for the December tariff increases to be formally scrapped and the 9/1 tariff increases to be rescinded. If this happens, it’s a positive surprise.
Today the calendar is quiet as we have just one economic report, Consumer Sentiment (E: 96.0) and only a few notable earnings reports, VZ ($1.24) and BUD ($1.36).
So, focus will be on that U.S./China trade call, and if we see the September tariff increases rolled back, that will likely send the S&P 500 to new all-time highs.