U.S. stocks appeared set to start lower as the kickoff to earnings failed to impress investors. Alcoa reported a small profit in yesterday’s announcement, but missed expectations. The disappointment carried over to the futures market today. The earnings calendar is light today, but does include reports from supermarket chain Supervalu and homebuilder KB Home.
Just one government report on the economic calendar this morning. The international trade deficit widened more-than-expected in November, as stronger consumer and manufacturer demand pushed imports to the highest level in nearly a year. Exports also rose, but to a lesser degree, reaching their highest in a year. Today’s report may cut into fourth quarter GDP, but exports are boosting manufacturing and higher imports indicate improved optimism.
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