Jobs Report Preview (Will It Reinforce the No Landing Expectation?)
What’s in Today’s Report:
- Jobs Report Preview (Will It Reinforce the No Landing Expectation?)
- FOMC Minutes: Why They Reinforced the Fed’s Hawkish Tone
Futures are moderately lower on falling expectations for Chinese economic stimulus.
A Nikkei article stated Chinese economic stimulus could be much smaller than expected, and that hit the Hang Seng hard (down 3%) and is weighing on global indices.
Economically, German Manufacturers’ Orders were much stronger than expected, rising 6.4% vs. (E) 2.0%.
Today focus will be on economic data and the key reports, in order of importance, are: JOLTS (E: 9.9M), Jobless Claims (E: 245K), ISM Services Index (E: 50.8) and ADP Employment Report (E: 235K). Hopes for a “No Landing” are the reason stocks rallied in late June, so markets will want to see better than expected data across these reports to help support those recent gains. Also, there is one Fed speaker today, Logan (8:45 a.m. ET), but she shouldn’t move markets.
