July 17, 2023
Good morning –
While U.S. retail sales, Industrial Production, and housing starts top this week’s list of macroeconomic data releases, none of them are on the list of the Fed’s key data points. That combined with the start of the Fed’s quiet period ahead of next week’s Fed meeting (7/26), and we may have a quiet mid-summer week ahead.
Over 5 dozen companies report this week as earning’s season ramps up. Earnings disappointments may be scarce as an over 9% decline in profitability of S&P 500 companies is expected (a.k.a. already priced in).
Futures are soft this morning, down -0.20%. Probably in sympathy to a down morning for European stocks, off on China growth disappointments.
Be well,
Mike