Good morning contrarians!
Stock futures are down as of 0640. Tech stocks are leading the drop after disappointing earnings from Amazon (AMZN) and Apple (AAPL). Nasdaq down 0.9%. S&P 500 off about 0.5%. Dow Industrials 0.2% lower. Bonds are selling off, likely in anticipation of inflation readings, with the 10-year back up to 1.61%.
Today we get another reading of the Federal Reserve’s preferred inflation gauge. The Personal Consumption Expenditures, or PCE, price index is due at 0830. Economists expect a year-over-year increase of 3.7% for core prices in September, in line with the previous month.
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