What to Watch: Trade Bal, Pend Home Sales, Equity Earnings

FI markets trading mixed: bonds inching lower vs. mildly higher 2s-10s, rather decent volumes on otherwise narrow range.

• Data on tap (prior, est) at 0830ET:
  • Advance Goods Trade Balance (-$106.3B rev, -$105.0B)
  • Wholesale Inventories MoM (2.5Z%, 1.5%)
  • Retail Inventories MoM (1.1%, 1.4%), followed by
  • Pending Home Sales MoM (-4.1%, -1.3%); YoY (-5.4%, -8.1%) at 1000ET
• Treasury supply:
  • US Tsy $24B 2Y FRN Note (91282CEL1), $30B 119D bill CMB, 1130ET
  • US Tsy $49B 5Y Note auction (91282CEN7) at 1300ET
• Stocks weaker:SPX eminis modest bounce after sharp >3% drop Tue on Alphabet earnings/revenue miss. Heavy earnings docket continues: Boston Scientific (BSX), Bunge (BG), Owens (OC) beat ests this morning.
  • Ahead the open: Norfolk So (NSC), Harley Davidson (HOG), Boeing (BA), General Dynamics (GD), Seagate Tech (STX), T-Mobile (TMUS).
  • After the close: Invitation Homes (INVH), Raymond James (RJF), Qualcomm (QCOM), Amgen (AMGN), PayPal (PYPL).
• Geopol risk: Market remains alert for developments on Russia war in Ukraine, knock-on effect to markets. Crude focus after Russia moved to sever Poland, Bulgaria from gas supplies Tue, EC Pres Ursula von der Leyen condemns action. Comes as wires report that Greek Prime Minister Kyriakos Mistotakis is holding an emergency meeting on energy following the Gazprom gas halt. Greece relies on Russian gas for around 40% of its annual energy needs.