Outlook 11/13: U.S. stock futures dip on Monday after Moody’s Investors Service lowered its U.S. credit rating outlook to negative from stable. Moody’s on Friday underscored the U.S. “very large” fiscal deficits and partisan gridlock in Washington as contributing factors for the downgrade. The ratings agency reaffirmed America’s credit rating at AAA, the highest level. This comes three months after Fitch lowered the U.S. long-term foreign currency issuer default rating to AA+ from AAA. On the economic data front, investors will be keeping an eye on October’s monthly federal budget, as well as the Federal Reserve Bank of New York’s October consumer expectations survey. Fed Governor Lisa Cook is also scheduled to give remarks Monday morning. This all comes ahead of the monthly consumer price index data on Tuesday.
/ESZ23 (Dec 2023): YVAH 4436 YPOC 4430 YVAL 4380 GAP 4431.50
/ES Plan: Last session market closed bullish, but Sunday's open, after Moody's cut, looks more bearish, moving within previous value, so these're the opening and initial balance options for today:
