US Pre Market Open: Wall Street becalmed as earnings season expectations mount.

Market Analysis /
15 Jan 2019

We’re looking at a mixed start to trade on Wall Street as investors attempt to call the forthcoming earnings season. Citigroup impressed yesterday, although the general consensus is that this round of corporate numbers will leave something to be desired. Delta Airlines and JP Morgan are amongst today’s higher profile announcers so this could provide some fresh direction for indices at the open.

Economic data is rather more thin on the ground, although the comparatively low level Empire manufacturing index for January and the latest Producer Price Index readings could again offer something new ahead of the open. There’s still this big question hanging over the Fed’s intentions for later in the year and anything that suggests the run of rate hikes is at an end has the potential to bolster stocks further.

One interesting play is that despite the threat of a global economic slowdown, the US dollar isn’t holding its usual safe haven allure. Domestic political issues are weighing here, so again any suggestions that we’ll see an end to the US government shut down might have the ability to drive global support for dollar denominated assests. US equities may be sustaining gains from earlier in the year, but it seems as if there’s little desire to build on them.

 Ahead of the open we’re calling the DOW down 15 at 23995 and the S&P up 6 at 2589.

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