"Meanwhile, the news from consumers is more mixed. The University of Michigan's consumer sentiment survey last week showed a 53.3 reading, up 4.5 percentage points sequentially from November but down 28 points year over year. That's not necessarily good news, but it may help to give the Federal Open Markets Committee political cover to lower interest rates at its next meeting, as it's forecast to do on Wednesday. This would please the stock market - a second reason for the Voo to be up this morning."
"There's no big earnings news yet this morning, but later in the day we're scheduled to get an update from Toll Brothers ( NYSE: TOL) on its Q4 earnings numbers. Analysts will be looking for earnings of $4.88 per share on $3.3 billion in quarterly sales. Tuesday should see earnings from S&P 500 component companies AutoZone ( NYSE: AZO) and Campbell's ( NYSE: CPB). Then on Wednesday: a slew of tech earnings news from Oracle ( NYSE: ORCL), Adobe ( Nasdaq: ADBE), and Synopsys ( Nasdaq: SNPS)."
Gross domestic product rose 0.6% in Q1 and 3.8% in Q2, with the Atlanta Fed estimating about 3.5% for Q3, supporting an expected roughly 3% annual growth. The Vanguard S&P 500 ETF opened up 0.1% following the economic signal. The University of Michigan consumer sentiment index registered 53.3, up 4.5 points sequentially but down 28 points year-over-year, reflecting mixed household sentiment. Mixed consumer readings could give the Federal Open Market Committee political cover to lower interest rates at its next meeting. Corporate earnings updates this week include Toll Brothers, AutoZone, Campbell's, Oracle, Adobe, and Synopsys.
Read at 24/7 Wall St.
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