What's coming up today
There's a bit of back-and-fill today as markets settle in ahead of Friday's Jackson Hole speech from Jerome Powell. The dramatic moves for the past few days have stalled and retraced somewhat but keep an eye on oil as it extends to new session highs.
Economic data isn't likely to be a big market mover today. Durable goods orders for July are due at the bottom of the hour and expected down 0.3% (shown above) with core orders forecast up 0.5%. There's little doubt that the sector is sizzling and playing catch up from pandemic orders.
Another risk is the 5-year Treasury auction at 1 pm ET (1700 GMT). We could see some reverberations from that but the larger moves usually come at the longer end.
The final event on the radar is the weekly oil inventory report. The draws in the API data yesterday were a bit light so true expectations are a tad lower than the consensus.
