Market Multiple Table: How High Can This Market Go?
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What’s in Today’s Report:
- Market Multiple Table: How High Can This Market Go?
Stock futures are modestly lower with the dollar index at a multi-year high and the 10-Yr yield holding above 4.40%, a multi-month high, as traders look ahead to the CPI report.
Economically, Japanese PPI notably jumped from 2.8% to 3.4% y/y in October which raised inflation concerns in Asian markets.
Today, trader focus will almost exclusively be on the latest U.S. inflation data due out before the bell: CPI (E: 0.2% m/m, 2.6% y/y), Core CPI (E: 0.3% m/m, 3.3% y/y). A “hotter” than anticipated print will likely trigger hawkish money flows, pushing the dollar index and Treasury yields to new highs which would weigh on stocks while an as-expected or “cool” print would be well-received.
Additionally, there are several Fed speakers on the calendar who could move markets: Logan (9:45 a.m. ET), Musalem (1:00 p.m. ET), and Schmid (1:30 p.m. ET).
Lastly, earnings season continues to slow down but a few notable companies reporting quarterly results today include: HUT (-$0.24), NU ($0.10), and CSCO ($0.87).
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