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Markets closed yesterday with nearly a 1% jump, which was nice to see.
But as I write to you this afternoon, S&P /ES futures have given back about half of that gain. The Dow and QQQ have both given back all or almost all of their Monday move.
That’s not surprising, though. I mentioned yesterday that the big news markets are waiting on is coming this Thursday.
Until then, I expect we might see some churn, but the major moves will likely wait until after those reports.
Just as a quick reminder, Thursday is a big day for data when we’ll get:
| | • | | retail sales numbers | | | • | | jobless claims | | | • | | the Philly Fed Manufacturing Index | | | • | | the EIA petroleum status report | | | • | | and NFLX earnings. |
If you missed yesterday’s newsletter, be sure to check it out for a breakdown on why those reports matter.
Now, onto this morning's action — we’ve already had earnings reports from a bunch of big names like UnitedHealth Group (UNH), Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), Charles Schwab (SCHW), and PNC Financial (PNC). The good news is, all the ones I mentioned beat expectations.
This afternoon, we’ll hear from United Airlines (UAL), Interactive Brokers (IBKR), J.B. Hunt (JBHT), and Pinnacle Financial (PNFP), so keep an eye out for those.
But don’t get too caught up in today’s numbers — because remember, Thursday is when the flood of data hits, and that’s the day to watch for some real market movement.
Stay sharp, and I’ll keep you updated as things unfold.
— Geof Smith
P.S. Nate Tucci’s revealing how he plans to take advantage of this market melt-up. Get all the details right here.
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