In yesterday’s Day Ahead we noted that we expected a more measured press conference from Fed Chair Powell and that is what we received Wednesday, which is good news for the stock market in the short term. Following the S&P rise over 1.5% after a positive response to the FOMC rate decision and press conference, Thursday will feature some economic data with Personal Income and Spending due out.
At 8:30 A.M. EST, Personal Income and Spending for the month of December are due out. Current expectations are for Personal Income to rise by +0.5% m/m, up from +0.2% in November. Personal Spending is expected to rise by +0.3% m/m, down from +0.4% in November.
In addition to the economic data tomorrow, Amazon will be announcing earnings after hours, which will likely drive the markets into Friday morning. Expectation are for Amazon to announce Q4 EPS at $5.68. Other major companies to report earnings on Thursday include Celgene (before open, EPS expectation: $2.32), Conocophillips (before open, EPS expectation: $1.00), General Electric Co (before open, EPS expectation: $0.22), Mastercard (before open, EPS expectation: $1.52), PayPal Holdings (Not specified, EPS expectation: $0.67), Royal Dutch Shell (Not specified, EPS expectation: $1.29), United Parcel Service (before open, EPS expectation: $1.90), and Valero Energy Corp (before open, EPS expectation: $1.07).
All EPS expectation data is from Fidelity and accurate as of 1/30/2019. All economic data information is from Bloomberg and accurate as of 1/30/2019.
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