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Briefing.com Summary:
*The stock market is poised to rebound from Friday's selling.
*This week features a bevy of market-moving economic, earnings, and central bank news.
*Former Fed Governor Kevin Warsh touted by President Trump as a possible Fed Chair nominee.
The stock market closed Friday on a weak note. It does not appear to have designs on continuing that action at today's open.
Currently, the S&P 500 futures are up 37 points and are trading 0.6% above fair value, the Nasdaq 100 futures are up 183 points and are trading 0.7% above fair value, and the Dow Jones Industrial Average futures are up 244 points and are trading 0.5% above fair value.
The positive disposition has been driven by some typical buy-the-dip interest, with mega-cap stocks among the early beneficiaries on a morning that is light on market-moving news.
That won't be the case in coming days, which will feature the November Employment Situation Report (Tuesday), October Retail Sales (Tuesday), earnings reports from Micron (Wednesday), Nike (Thursday), FedEx (Thursday), and Carnival (Friday), and central bank decisions from the Bank of England (Thursday), ECB (Thursday), and Bank of Japan (Thursday).
Today isn't devoid of key news, however.
- China posted weaker-than-expected retail sales, industrial production, and fixed asset investment data for November.
- Former Fed governor Kevin Warsh is now being regarded again by the market as a possible Fed Chair nominee after President Trump said his search is down to Mr. Warsh and Kevin Hassett.
- Ukraine's President Zelenskyy said Ukraine would abandon its bid to join NATO in return for security guarantees.
- The New York Fed's Empire State Manufacturing Survey for December fell 23 points to -3.9 (Briefing.com consensus: 10.6), but the index for future business conditions jumped 17 points to 35.7, hitting its highest level since January.
Another salve for Friday's retreat has been the dip in Treasury yields. The 2-yr note is down three basis points to 3.50%, and the 10-yr note yield is down two basis points to 4.17%.
