Happy earnings season! Citigroup (C) kicked things off this morning with a better than expected report, and the stock is trading up modestly on the news. The pace of earnings reports will be slow today, but things will pick up as the week goes on. While last week was an extremely busy one for Fed speakers, this morning we will also hear from NY Fed President Williams, and then tomorrow will be another busy day with Bostic, Bowman, Kaplan, Powell, and Evans all scheduled to speak. In US economic news, the Empire Manufacturing report for July came in better than expected at 4.3 and up from June’s reading of -8.6.
The US Dollar Index is on pace for its fourth straight day of declines today, and while that kind of trend would normally benefit the stocks of US multinationals, in recent days that hasn’t been the case. As noted in last Friday’s Bespoke Report, last week it was the Domestics that outperformed and propelled the market to new highs. Sure, it’s just a couple of days, but for now, at least, investors in the stock market don’t seem to be convinced that the recent dollar weakness will be long-lasting.
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