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US stocks will not ignore an outside US PPI report today-check out the Nasdaq 100 futures

A month ago the latest US PPI (Producer Price Index) data showed a decline in prices, but later today the March PPI report is expected to show a rise. Given the higher than forecast CPI data yesterday, anything above consensus here will not be well-greeted by the US stock markets ahead of the Q1 earnings season really kicking off next week. There is evidence that earnings growth has slowed a bit in Q1 from Q4 2023. If that turns out to be the case and we have higher CPI and PPI, then stocks are likely to fall back further than what we have seen so far this week. Stocks are still apt very high valuations right now and that is something that has future earnings multiples at very high levels, especially in the Nasdaq 100, at something above 30X. The Nasdaq 100 closed 158 points lower yesterday (-0.87%), at 18,011. The low seen was set at 17,932. Core annualised PPI is forecast to rise to 2.3% from 2%. Non-core is forecast to rise to 2.2%, from 1.6%. The PPI data will be released at 1.30pm GMT, just after the ECB policy decision at 1.15pm GMT. The Nasdaq 100 futures are just now pricing the reopening at 17,990 

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