Market Multiple Table: January Update
Market Multiple Table: January Update: Start a free trial of The Sevens Report.
What’s in Today’s Report:
- Market Multiple Table – January Update
- Manheim Used Vehicle Index Drops 7% in December – Chart
U.S. futures are tracking European shares lower this morning as yesterday’s squeezy, tech-led rally is digested amid a rebound in global bond yields with the 10-Yr above 4%.
Economic data was mixed overnight as German Industrial Production fell -0.7% vs. (E) 0.0% while Eurozone Unemployment fell to 6.4% vs. (E) 6.6%. Domestically, the NFIB Small Business Optimism Index rose to 91.9 vs. (E) 90.6.
Looking into today’s session, there is one more economic report on the calendar: International Trade in Goods (E: -$64.8B) but the release typically does not materially move markets and that is unlikely to change today.
There is one Fed speaker: Barr (12:00 p.m. ET) but the most notable potential catalyst for the session is a 3-Yr Treasury Note auction at 1:00 p.m. ET. If demand metrics are strong, and yields pullback, expect stocks to attempt to hold Monday’s big gains. However, a move further to the upside in yields will further pressure stocks.
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