Stocks appear to be shrugging the weekend secession vote in Crimea after losing ground last week. The green arrows in the pre-market may be reflective of more than just Celtic solidarity on St Paddy’s Day today, with the Empire State manufacturing survey confirming the positive bias. It will be interesting to see if the positive sentiment will withstand the industrial production and homebuilder sentiment data coming out a little later.
The market will have plenty of domestic economic data to chew on this week, with developments in Ukraine and questions about China’s growth outlook providing an unsettling backdrop. On top of today’s factory readings, we will get a host of corporate earnings, housing, and inflation reports the rest of this week.
But the focus will be on the two-day FOMC meeting getting underway on Tuesday, particularly Fed Chairwoman Janet Yellen’s first press conference. No surprises are expected from the Fed, particularly on the Taper front.
— Zacks Investment Research