Stocks Trying to Build on All-Time HighsPosted 09/29/2017 9:36AM CT |
Stocks were very quiet in the overnight session, and the news today has done little to spur much movement. Personal incomes came out in line at .2%, but the spending and inflation readings both came out weak. We’ve got some time between now and the next FOMC announcement, but this data could definitely help build a case against a December rate hike. In fact, the odds of the December rate hike dropped from mid-80s to the mid-70s following the release. Chicago PMI was released a bit later. It came out at 65.2 vs. an expected 58.5. This was the second highest reading of 2017, but it failed to provide much of a lift to the indices. Consumer sentiment came in strong at 95.1 vs. an expected 95.3. Following this release, the indices have crept into positive territory after trading slightly lower most of the morning, but this is a pretty tame response to the morning’s slate of data. Aside from next week’s jobs numbers, traders will continue to monitor geopolitical situations and tax related news from Washington. We’ll see if they’re actually able to make some progress, but markets seem to remain optimistic that something may get done.
Dec ’17 E-Mini S&P 500 Daily Chart