Here is what you need to know.
The Fed has its eyes on Trump. The minutes from the December FOMC meeting show the Fed is monitoring how fiscal policy will impact growth and how quickly it will have to raise rates. “… almost all also indicated that the upside risks to their forecasts for economic growth had increased as a result of prospects for more expansionary fiscal policies in coming years,” the minutes said.
The British economy is “exceeding all expectations.”The latest bit of good news comes in the form of services PMI, which drew a reading of 56.2 for December, ahead of the flash estimate of 54.7. The British pound is down 0.1% at 1.2309 against the dollar.
Bitcoin surrenders most of its overnight gains. The cryptocurrerncy raced to a high of $1,161.88 per coin, up 6.4%, but is now higher by just 0.9% at $1,101. Bitcoin has gained about 15% so far in 2017 after rallying more than 120% in 2016.
Macy’s is closing 68 stores. The closures represent about 15% of Macy’s store base and will impact nearly 4,000 employees. Macy’s also said it now expects to earn an adjusted $2.95 to $3.10 per share for fiscal year 2016, down from its previous estimsate of $3.15 to $3.40.
Kohl’s had a rough holiday season. The retailer said sales slumped 2.1% in November and December, compared to a year ago. “Strong sales on Black Friday and during the week before Christmas were offset by softness in early November and December,” Kohl’s CEO Kevin Mansell said in a press release.
Amazon is in talks to buy American Apparel. The online retailer and Forever 21 are among the companies considering a bid for the bankrupt retailer, Reuters reports. Any deal must top the $66 million offer from Gildan Activewear, which was agreed to by American Apparel when it filed for bankruptcy back in November.
Now there’s an app that lets you know when Trump tweets about your stocks. The free app, called Trigger, will notify you in real-time if Trump tweets about a stock that you own.
Stock markets around the world trade mixed. Hong Kong’s Hang Seng (+1.5%) led the gains in Asia and Germany’s DAX (-0.1%) is slipping in Europe.
Earnings reports trickle out. Walgreens Boot Alliance and Monsanto report ahead of the opening bell.
US economic data picks up. ADP Employment Change will be released at 8:15 a.m. ET before initial jobless claims and Markit services PMI cross the wires at 8:30 a.m. ET and 9:45 a.m. ET, respectively. The US 10-year yield is unchanged at 2.44%.
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