It's all about the Fed.
The will they/won't they speculation will continue today, as the markets await the decision from the Federal Open Market Committee meeting on Thursday. I think that the market goes lower without a rate cut, maybe slightly lower with a rate cut, but if the language reflects this cut is unlikely to be followed by another in the near future, I believe that should be a stabilizing force for the markets.
U.S. stock index futures were trading modestly lower this morning. And if that wasn't enough, talk of another potential federal shutdown is being bantered about, as funding for a host of programs expires on Sept. 30 unless a budget agreement is reached first.
Overseas action was more positive, with the Shanghai Composite Index closing 4.9% higher today due to an end-of-day spike which is widely believed to be the Chinese government propping up prices.
Some earnings report of note today include: FedEx (FDX), Cracker Barrel (CBRL), Oracle (ORCL), Herman Miller (MLHR), Analogic (ALOG), and Clarcor (CLC).
On the domestic economic front, today at 8:30 a.m. the August CPI will be released, with consensus at -0.1%. At 10.a.m. the September NAHB Housing Market Index will be published, and at 10:30 a.m. the Energy Inventories data will hit the wires.