Lots of ups and downs
The major indices with 30 minutes to go in trading are back near unchanged levels. The S&P is down -0.5 points. The NASDAQ index is down -1.3 points. The Dow industrial average is up 19 points. Looking at the thick chart of the NASDAQ index there is a lot of ups and downs in trading today with nearly all of the price action below the closing level from yesterday. However if we were to close right around here, it would be near unchanged after all the dust has settled.
Let's face it there's a bunch of stuff going on with earnings (Amazon after the close), the coronavirus. Tomorrow the Senate may decide whether or not to call witnesses in the impeachment trial or vote to acquit the president. Tomorrow the UK will officially Brexit from the EU.
Looking ahead to tomorrow's North American economic calendar:
- Canada will release GDP for the month of November with 0.0% estimate versus -0.1% last month. The year on year is expected to rise to 1.4% from 1.2%. The report will be released at 8:30 AM ET/1330 GMT
- Canada will also release industrial product prices with expectations of 0.0% versus 0.1%. The raw material price index will also be released. Last month it rose by 1.5%. The data will also be released at 8:30 AM/1330 GMT
- US personal income for December is expected to rise by 0.3% versus 0.5% last month. Personal spending is supposed to rise by 0.3% versus 0.4%. Real personal spending is expected to rise by more modest 0.1%. The data will be released at 8:30 AM ET/1330 GMT
- US PCE deflator for December is expected rise by 0.2% with a 1.6% YoY. The core deflator is expected to rise by 0.1% and remain at 1.6% YoY. Data will be released at 8:30 AM/1330 GMT
- the US employment cost index for the 4th quarter is expected to rise by 0.7%. Data will be released at 8:30 AM/1330 GMT
- The University of Michigan sentiment index for January (final) will be released at 10 AM ET. The expectation is to remain at the preliminary reading of 99.1. The current conditions came in at 115.8. The expectations came in at 88.3.
And then once again, the stock market an coronavirus will be a focus.
PS next week the Iowa caucus will take place on Monday and thus starts the election process.
