Stocks are down but a slew of premarket Fed data as well as comments from Fed Chair Jerome Powell that could get things moving once we open.
Powell said interest rates are likely to remain high because of the constant flux of economic and policy changes, and warned of supply shocks.
Walmart (WMT) also reported earnings this morning and the stock popped 2.9% but has since sold off ahead of the open. This is a crucial stock and could act as a catalyst for retail along with the Retail Sales report.
Retail sales came in at 0.1% month over month and 1.4% prior, which is in line with consensus expectations of 0.1%. The number was exactly the same excluding vehicles and also in line with expectations.
The Producer Price Index came in at 2.4% year over year, in line with consensus estimates of 2.4%. Excluding more volatile food and energy prices, producer prices rose 2.9%.
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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P.S. Directional Plays Are So Tough Right Now…
You don’t want to get caught in the middle of the face-off between Wall Street and Retail traders.
Instead, learn my weekend play to target premiums whichever way the market moves.
