Flat-line

It’s hard to remember a time in recent memory when futures were as muted as they have been this morning. For the last three hours now, Dow futures have essentially been in a range of indicating an open of +/- 15 points from yesterday’s close! There’s not much incentive to do anything major, though, as many traders appear content to sit on their hands ahead of this weekend’s G-20 meeting where both sides seem to be actively lowering expectations ahead of the meeting. Things could get a little more interesting for the rest of the day, though, as five FOMC voters (including Powell) are scheduled to speak today.

As mentioned above, there’s going to be a lot of Fed commentary on the wires today, beginning with Williams coming up in a few minutes. The big one, though, will be Powell, who is scheduled to speak at 1PM New York time. Besides the Fed speak, we have some important economic data, including the Richmond Fed, which will likely be weak on the heels of the very disappointing prints from New York, Philly, and Dallas. Besides that, New Home Sales are expected to show a modest increase, while Consumer Confidence is expected to dip from last month’s print of 134.1.

 

Please read today’s Morning Lineup to get caught up on everything you need to know ahead of ...

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