Important Economic Data This Week
What’s in Today’s Report:
- Weekly Market Preview: Is the Recovery Losing Momentum?
- Weekly Economic Cheat Sheet: Jobs Report Friday, Global PMIs Thursday (Two Important Reports)
Futures are slightly lower following a weekend of mixed macro-economic news.
On infrastructure, President Biden reaffirmed his support for the bipartisan bill, reversing Friday’s stance that he’d only sign it as part of a larger infrastructure program. But, at this point, the entire process remains fluid, and markets don’t expect any final bills anytime soon (although we should prep for more “corporate tax hike” headlines, although that remains ultimately unlikely).
COVID trends deteriorated slightly over the weekend with Australia and South Africa re-implementing lockdowns following an increase in cases of the “delta” variant but so far this isn’t an issue in the U.S. (so it’s not directly impacting markets).
Today there are no notable economic reports but there are three Fed speakers including Williams (9:00 a.m.ET), Harker (11:00 a.m. ET) and Quarles (1:10 p.m. ET), and if their comments are more hawkish than expected it will be a slight headwind on stocks. On infrastructure, expect more headlines but again the market doesn’t expect anything passing anytime soon, so they won’t be material influences on the markets.