What’s in Today’s Report:
- Why Stocks Have Rallied (FOMO)
- An Important Gap Between Stocks and Bonds
- EIA Analysis and Oil Market Update
Futures are slightly lower following a quiet night as markets digest more mixed economic data following the big three day rally.
Chinese economic data was mixed as Industrial Production missed estimates (5.3% vs. (E) 5.5%) while Fixed Asset Investment slightly beat and Retail Sales met expectations.
Geo-politically it was a quiet night as there were no updates to U.S./China trade.
Today focus will be on economic data via the Jobless Claims (E: 225K), Import Export Prices (E: 0.3%, 0.2%) and New Home Sales (E: 620K), as well as testimony before Congress by Treasury Secretary Mnuchin. Finally, there’s a GE guidance update later this morning, and if that’s particularly soft, that could hit stocks.