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It’s not looking like a positive close to the week with futures solidly in the red following negative reactions to earnings from Amazon.com (AMZN) and Apple (AAPL).  With the Fed announcement looming next week, investors are likely to be a bit apprehensive ahead of the meeting.

In terms of economic data, the week is closing off on a busy note.  Employment Cost Index for Q1 came in much higher than expected at 1.4% compared to forecasts for an increase of 1.1%, and it was the highest level since at least the mid-1990s.  Personal Income and Personal Spending also topped expectations.  Still upcoming, we’ll get an update of Chicago PMI at 9:45 and Michigan Sentiment at 10 AM.

In today’s Morning Lineup, we recap overnight events in Asia and Europe (pg 4), inflation in Europe (pg 5), and prior quarters whereAMZN gapped down sharply in reaction to earnings (pg 5).

It’s been quite a week for US stocks.  While both the Russell 2000 (IWM) and Nasdaq 100 (QQQ) made marginal new lows this week, the S&P 500 (SPY) managed to hang on to its lows from earlier this year.  The fact that equities were quick to bounce following those breakdowns was encouraging, but with futures in the red to kick off the last trading day of the month, these will be critical levels to watch throughout the day.

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