Why Not Much Changed in Markets Last Week (Despite the Declines)
What’s in Today’s Report:
- Bottom Line: Why Not Much Changed In The Markets Last Week (Despite the Declines)
- Weekly Economic Cheat Sheet: FOMC Minutes (Wed) is the Key Report this Week.
- Weekly Market Preview: Will Investors Get Ukraine and Fed Clarity?
Futures are moderately lower following a quiet weekend of actual news, as futures are being pulled lower by international markets as there was no progress on the Russia/Ukraine standoff.
The Russia/Ukraine situation was unchanged over the weekend and a Russian invasion could occur at any moment and that is acting as a short term headwind on markets.
There was no notable economic or inflation data overnight.
Today Ukraine headlines will drive trading and any headlines that imply the start of a conflict will be a headwind, while any that imply a delay in hostilities will be a tailwind. We also get one Fed speaker, Bullard (8:30 a.m. ET on CNBC) and he obviously moved markets last week with this 50 bps March hike and 100 bps of tightening by June calls, so we’ll be watching closely to see if he further clarifies or doubles down on those comments (any dovish clarification would provide a small tailwind for stocks).