There’s a fair amount of data coming out today:
- NFIB small biz optimism due out at 7:30.
- PPI due out at 8:30
- Retail sales also at 8:30.
It’s the last one, retail, that will be the most interesting.
The headline expectation is a 0.5% decline, though the real attention should be paid to retail sales ex-auto & gas, since that will indicate whether shoppers have really folded amid all the gloom. The expectation there is for growth of 0.2% vs. 0.2% last month. if this goes negative, watch out.
Also due out this morning; Best Buy earnings, which might tell us something about the consumer, although it might just tell us about the sale of TVs.
For more background on the interplay between gas prices and retail, see here.
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