Are H-1B Visas the Reason for this Pullback?
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What’s in Today’s Report:
- Are H-1B Visas the Reason for this Pullback?
U.S. equity futures are bouncing back from yesterday’s losses in light holiday trading as investors square books into year-end and digest mixed Chinese economic data.
China’s Composite PMI rose 1.4 points to 52.2 in December thanks to the Services PMI rising to 52.2 vs. (E) 50.2 but the Manufacturing PMI unexpectedly fell to 50.1 vs. (E) 50.3.
There are two housing market reports today: Case-Shiller Home Price Index (E: 4.3%) and FHFA House Price Index (E: 0.5%) but neither release should materially move markets and there are no Fed officials scheduled to speak today.
The limited list of catalysts should make for a quiet session to end what has been a strong year of gains in the stock market as portfolio rebalancing and year-end book-squaring are likely to be the primary drivers of money flows today.
As a reminder, stocks will trade for a full, normal session through 4:00 p.m. ET but the bond market closes early today (2:00 p.m. ET).
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