You have to appreciate the ability of markets to price in risks.
Almost immediately after Elon Musk's Twitter deal was announced, it was pricing well-below the takeover bid. The potential for a +10% gain in a few months wasn't tempting enough and Musk proved why today as he said the deal was 'temporarily on hold' as he waits for confirmation on the number of fake accounts. Shares are down 11.4% premarket as this looks a lot like a case of buyer's remorse.
In any case, broader market sentiment is picking up today with S&P 500 futures up 53 points. If the bulls can't score a win today then it's hopeless.
In terms of data, we'll get US import/export prices at the bottom of the hour. That's not a market mover.
At 10 am ET, we'll also get University of Michigan prelim consumer sentiment; the consensus is 64.0 from 65.2. The market still moves on this indicator but I believe it's nothing more than a political barometer now.
The Fed agenda features Kashkari at 11 am and Mester at noon ET.
