Another directionless premarket setup for stocks, as investors prepare to digest a burst of economic data this morning.
January retail sales, import prices and NY Fed’s February Empire State manufacturing survey all due at 8:30am ET; December business inventories and homebuilders’ Feb sentiment index set for 10:00am. Cleveland Fed’s Pianalto also scheduled to speak about economic conditions around 10:00am.
Prediction: Any better-than-expected data helps stock rally, but anything that stinks gets dismissed as skewed by bad weather.
Dell reports results after the close. FedEx profit warning late yesterday gets shrugged off, as it seems everyone saw this one coming, what with all the bad weather and soaring fuel costs. FDX actually pointed higher premarket, the spin no doubt suggesting “it could’ve been worse.” Well, the weather may get better, but don’t hold your breath on those fuel prices, citizens.
Stocks in Europe mostly higher, euro is firmer, USD index off 0.3%.
S&P futures flat; 10-yr note lower, yield at 3.65%.