It’s Showtime in America! At 9:00 p.m. this evening, President Trump will deliver his first State of the Union address to Congress. In this speech he is expected to promote his tax overhaul and unveil a $1.7 trillion infrastructure spend.
One of the brightest spots of the 2017 economy was home prices which rose about 6 percent by the various measures. Today’s Case-Shiller 20-city index for November is expected to show a 6.4 percent rate.
The benchmark U.S. 10-year Treasury yield’s rise above 2.7 percent for the first time since 2014 yesterday sent some nervousness into global equity markets.
Overnight, the MSCI Asia Pacific Index followed U.S. stocks lower, slipping 1.2 percent while Japan’s Topix index closed down 1.2 percent.
In Europe, the Stoxx 600 Index was down 0.5 percent at 5:45 a.m. Eastern Time, with energy and financial stocks among the biggest losers. S&P 500 futures pointed to a lower open.
Corporate earnings announcements continue today. Key names that announce today include: Danaher, Corning, Harley Davidson, Pfizer and McDonald’s.