E-mini S&P 500 (June): Settled at 4118, down 14.75
E-mini Nasdaq-100 (June): Settled at 13,798.75, down 177
U.S. benchmarks were pointing higher ahead of the bell. This comes on the heels of yesterday’s healthy pullback which followed fresh record highs earlier in the session. Amid a very mixed day, it was Energy that led, gaining 2.9%. Stability across Industrials and Materials allowed for the Dow and Russell 2000 to outperform.
Today will be guided early by a deluge of economic data. Retail Sales, NY Empire State Manufacturing, Philadelphia Fed Manufacturing, and Weekly Jobless Claims all came due at 7:30 a.m. CT. Industrial Production was released at 8:15 a.m. CT and will be followed by a lineup of Fed speakers through the afternoon.
Atlanta Fed President Raphael Bostic speaks at 10:30 a.m. CT, San Francisco Fed President Mary Daly at 1:00 p.m. CT, and Cleveland Fed President Loretta Mester is at 3:00 p.m. CT.
The calendar does not let up after the close; tonight we look to a data dump-out of China at 9:00 p.m. CT, Q1 GDP, Industrial Production, Fixed Asset Investment, Retail Sales, and Unemployment. Yesterday, Goldman Sachs reported record results and Wells Fargo topped estimates. Today, Bank of America kept the momentum going with an earnings beat. Citigroup, UnitedHealth, and PepsiCo are others due today.
The White House announced it’ll impose new sanctions on Russia as early as today. The move comes as a retaliation to disrupting the U.S. election and the SolarWinds hack. The Ruble lost as much as 2% to the U.S. Dollar, their sovereign debt has taken a hit, and the move is expected to encourage capital flight from Russia. The administration will also bar U.S. banks from issuing Russian sovereign debt.
The Kremlin has said a quick meeting between Putin and Biden isn’t possible. Traders should keep a pulse on continued developments.
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