Rise and shine Traderade family
It’s certainly not a good morning at all. Europe is seeing massive declines in their indices with Credit Suisse’s share price falling to it’s all time low. Several banks in Europe have been halted amid the sell off, particularly the French banks. This is taking US Futures down as well.
WTI Crude traded below $70/bbl for the first time since 2021. Gold is up and traders are pricing in a 100bp rate cut for this year. The USD Index is up at $104.6. The market is pricing for a recession.
The major releases for today are PPI and Retail Sales data both at 8:30am ET and NAHB Housing Market Index at 10am.
Major Earnings today is Adobe after the close.