U.S. Stock Futures Are Lower as Additional Economic Data is Released
U.S. stock futures are lower: Markets are poised to open down today as additional economic data is released. For the week so far, the S&P is down roughly 1.6%. The personal consumption expenditure price index for December rose 4.9% annually, the largest gain since 1983 and a tad bit higher compared to street estimates of 4.8% & the monthly gain was 0.5% - in line. Additionally, personal income rose and spending declined in December. Treasury yields have eked down a couple basis points after reports. Trading has been volatile throughout the day, with wild swings moving from positive to negative territory. Corporate earnings continue to be a bright spot. Roughly one-third of the S&P companies have report and 78% reported results that have exceeded estimates. Corporate spreads have widened out over the last week but still at the lower end of the two-year historical range.