U.S. stocks dip at the start of a data packed week
Dow off ~0.5%, S&P 500 modestly lower, Nasdaq edges red
Tech leads S&P 500 sectors gainers; Real Estate weakest group
Euro STOXX 600 index up ~0.1%
Dollar ~flat; bitcoin slips; gold up ~1%; crude up >1%
U.S. 10-Year Treasury yield ~flat at ~3.94%
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U.S. STOCKS DIP AT THE START OF A DATA PACKED WEEK
The main U.S. indexes are slightly lower early on Monday ahead of a heavy economic data calendar that will include the latest read on consumer prices.
July PPI data will be released on Tuesday, followed by the CPI on Wednesday.
For CPI, the Reuters Poll calls for a month-over-month read of 0.2% vs -0.1% last month. The year-over-year print is expected to be at 3.0% vs 3.0% last month. On the core, the month-over-month number is expected at 0.2% vs a 0.1% prior read. The core year-over-year Reuters Poll is for 3.2% vs 3.3% last month.
Among other releases, July retail sales data is coming on Thursday, along with jobless claims. July housing starts and U Mich August preliminary sentiment are expected on Friday.
Jay Woods, chief global strategist at Freedom Capital Markets, believes every CPI reading between now and the September FOMC meeting will be put under a microscope to see if the decelerating trend continues, and keeps the rate cutting narrative alive and well.
"A higher number could complicate the dual mandate of the Fed and possibly the all important PCE numbers at the end of the month. Until the July unemployment number, this monthly number caused the most volatility in markets," writes Woods in his weekly market letter.
He adds, "An inline reading or lower should be the good news that the market will react favorably towards; a miss, given the market’s recent sensitivity, and we could have another volatile session."
Here is a snapshot of where markets stood around 1000 ET (1400 GMT):
(Terence Gabriel)
*****
FOR MONDAY'S EARLIER LIVE MARKETS POSTS:
MOMENTUM STILL LEADS, BUT IS IT COMING UP LAME? - CLICK HERE
LACK OF DIRECTION TO KEEP S&P 500 RANGE BOUND - MS - CLICK HERE
FADE THE REBOUND IN STOCKS AND BONDS - BCA RESEARCH - CLICK HERE
MARKETS SERENE BUT SENSITIVE AHEAD OF KEY US DATA - CLICK HERE
SUMMERTIME SADNESS - CLICK HERE
SMOOTH SAILING - CLICK HERE
FUTURES IN THE GREEN - CLICK HERE
MARKETS SHIFT TO HOLIDAY MOOD - CLICK HERE
earlytrade08122024 https://tmsnrt.rs/4djNPaQ
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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