What’s in Today’s Report:
- Market Multiple Chart
Futures are slightly higher following mixed economic data as markets look ahead to today’s jobs report.
Markets are looking for any signs inflation has peaked but that was not the case in Europe today as EU HICP (their CPI) rose 5.0% vs. (E) 4.8%. Economic growth was also solid (EU Retail Sales beat estimates) so the high inflation number isn’t hitting stocks ahead of the jobs report.
Today focus will be on the Employment Situation Report and estimates are: Job Adds 400K, UE Rate 4.1%, Wages 0.3% m/m & 4.1% y/y. Markets will be especially sensitive to a “Too Hot” number as that will further stoke fears of a more hawkish Fed and a “Too Hot” report will hit stocks. There are also three Fed speakers today, Daly (10:00 a.m. ET), Bostic (12:15 p.m. ET) and Barkin (12:30 p.m. ET) and while they aren’t Fed leadership, if they are “hawkish” and talk about March rate hikes or balance sheet reduction, that will be a headwind on stocks.
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