U.S. stock index futures are up a healthy amount in early morning trading after the rally U.S. markets experienced yesterday inspired copycat action throughout the global marketplaces. On Wednesday, NY Fed President William Dudley's comments that a September rate hike seemed less compelling due to the global economic upheaval helped spark the rally.
Crude oil rebounded to above $40 a barrel in trading this morning, and copper was trading up nearly 2% as part of a relief rally.
The news flow in the market is consistent with the typical late August seasonal slowdown, despite the current market volatility.
Earnings reports of note today include: Dollar General (DG), Tiffany & Co (TIF), Patterson (PDCO), JM Smucker (SJM), Autodesk (ADSK), Aeropostale (ARO), Splunk (SPLK), Veeva Systems (VEEV), GameStop (GME), Smith & Wesson (SWHC), OmniVision Technologies (OVTI), and Trifecta Stocks portfolio holding Ulta Salon (ULTA).
On the domestic economic front today we see the kickoff of the Kansas City Fed Symposium in Jackson Hole, Wyoming. At 8:30 a.m. second-quarter GDP will be released, with consensus at 3.2%. We'll also get the Initial Jobless Claims for Aug. 22 at the same time, with consensus at 274,000.
At 9:45 a.m. the Bloomberg Consumer Comfort reading is released. At 10 a.m. the July Pending Home Sales will hit the market, along with the Freddie Mac mortgage rates. Last, at 10:30 a.m. the EIA natural-gas storage change will be published.
Happy trading!
Bryan Ashenberg is the portfolio manager for Growth Seeker and the fundamental analyst for Trifecta Stocks. Test drive with a free trial.
