What's coming up
Meme stock madness returned late in yesterday's US session and shares of GME are trading at $152 in the premarket. That will be the sideshow today but the main event continues to be bonds. So far the broader market continues to take a more-constructive view of higher yields but it will be an ongoing test.
One of the hurdles will be a trio of reports at the bottom of the hour:
- Initial jobless claims
- Durable goods orders
- Q4 GDP (second look)
Some comments from Bostic may also be crossing at the same time.
Then we'll get more Fed talk from George at the US equity open. She's more hawkishly inclined so it will be a speech to watch.
At 1500 GMT, the US pending home sales report is due. It's a lower-ranked indicator but in a hot market, all of them are getting some attention.
We also get Fedspeak from Bullard (1530 GMT) and Quarles (1610 GMT) along with a 7 year auction. We don't often talk about the weekly natural gas storage report but because of the freeze-up a week ago, it's going to be a record draw.
