Wall Street got its first win of the week on Thursday, but futures are pointing towards a lower open this morning after two populist parties governing Italy widened the country's budget-deficit target for next year to 2.4% of GDP, likely putting the country at odds with the European Union. Italy's major stock index, the MIB, is down 4.4% and on track for its worst day since the Brexit vote.
Meanwhile, in the States, the S&P 500 futures are trading seven points, or 0.2%, below fair value. For the week, the S&P 500 enters today's session down 0.5%.
Tesla (TSLA) is in focus this morning following news that the SEC is suing CEO Elon Musk over his tweet about taking the electric automaker private. Tesla shares are down 12.4% in pre-market trading.
On the data front, investors received the Fed's preferred gauge of inflation this morning, the core PCE Price Index, which showed that prices, excluding food and energy, were flat in August; the Briefing.com consensus had expected an increase of 0.1%. Meanwhile, personal income climbed 0.3% in August (Briefing.com consensus +0.4%), and personal spending rose 0.3% (Briefing.com consensus +0.3%).
Today's last economic reports, the Chicago PMI for September and the final reading of the University of Michigan Consumer Sentiment Index for September (Briefing.com consensus 100.5), will cross the wires at 9:45 AM ET and 10:00 AM ET, respectively.
In Washington, the Senate Judiciary Committee plans to hold a vote on Supreme Court nominee Brett Kavanaugh today following yesterday's testimony from him and his accuser -- who says Judge Kavanaugh sexually assaulted her back in high school. Mr. Kavanaugh has denied the allegations.