The big macro event of the day will be publication of the FOMC meeting minutes
|Wall Street is eyeing a softer start to the session as markets digest news of the latest support for Chinese property developers from Beijing. Sentiment here appears to be overshadowing further declines in US treasury yields, with interpretations of the Chinese move drifting to this being a case of shoring up, rather than stimulus. US equities have also had a solid run since the start of the month, so a degree of hesitation is hardly surprising.
After a quiet start to the week, the big macro event of the day will be publication of the FOMC meeting minutes. In the event these contain further hints of monetary policy being relaxed, that would have the potential to give stocks another broad-based leg up, extending recent gains. Earnings releases are also expected from retailers Best Buy and Lowe’s, both which will be closely followed ahead of the peak shopping season that starts this week, whilst stock market poster child NVIDIA will also be under scrutiny as any failure to live up to the bullish expectations being touted around could hit the stock hard. Those numbers from Baidu will also attract interest for visibility as to just how the Chinese market is performing.
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