July Market Multiple Table

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What’s in Today’s Report:

  • July Market Multiple Table: Expected Earnings Growth Supports the Markets, But Valuations Still Stretched
  • ISM Services PMI Takeaways

Futures are lower amid renewed selling pressure in global tech/semiconductor stocks following reports that Iran attacked another cargo ship in the Strait of Hormuz overnight which is rekindling geopolitical worries this morning.

Economically, German Industrial Production was strong, rising 0.9% vs. (E) 0.1% in May adding additional upside pressure to global bond yields.

Today, there is one economic report to watch: International Trade in Goods (E: $-78.7B) while no Fed officials are scheduled to speak.

There are no notable earnings releases today, leaving focus on the global tech selloff and bond yields with the Treasury set to hold a 52-Week Bill auction at 11:30 a.m. ET and a 3-Yr Note auction at 1:00 p.m. ET (the lower yields move the better for stocks).

 

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