Equity markets are digesting yesterday’s monstrous moves to the upside.   There was a brief sell off after President Trump commented that he was happy with the current situation.  The markets interpreted it as he was happy with tariffs and the Dow sold off a brief 100 points before buyers stepped in.

La-Z-Boy (LZB) is up, more than 5% after reporting earnings that beat on both the top and bottom lines and increasing its dividend.  The company saw revenue growth of 11.7%, written same-store sales for LZB’s 353 Furniture Galleries stores rose 4.4%, being the seventh consecutive quarterly increase.

Some big software earnings after the close today, could set the tone for tomorrow. 

• PANW - consensus EPS-$1.05; revenues $632.16 million
• SPLK – consensus EPS $0.32; revenues $433.60 million
• WDAY – consensus EPS $0.14; revenues $723.38 million

Pending Home Sales

Pending Home Sales fell for the tenth consecutive month, declining 2.6% in October from September.  We will be watching the next report to see if the recent decline in interest rates has any affect on next month’s sales.

We could see some increased activity this afternoon after the Fed releases the minutes from its last meeting.