The day’s slate of news kicked things off with the Housing Starts data. Both the starts and permits came in below expectations. January starts were expected to come in at 1.285 million, but we saw only 1.236 million. February permits were expected to show 1.322 million, but came in at only 1.298 million. The markets gave back a little bit following the news, but have since regained those small losses and are all slightly in the green minutes before the opening bell.
Industrial production, and consumer sentiment, and JOLTS are to follow. I’m not sure we’ll see too many fireworks following those releases, and I think most traders are already looking forward to next week’s FOMC announcement. It is all but guaranteed we’ll see our first hike of the year, but traders will be listening closely to see if the Fed still intends to raise three additional times in 2018 and for their 2019 forecast.
E-mini S&P Jun ’18 Daily Chart