Market Multiple Levels: S&P 500 Chart
What’s in Today’s Report:
- Market Multiple Levels: S&P 500 Chart
- What to Make of Yellen’s “Rate Hike” Comments
U.S. stocks futures are recovering some of yesterday’s losses after Treasury Secretary Janey Yellen walked back earlier comments about interest rates after the close yesterday while trader focus shifts to jobs data today.
The Eurozone Composite PMI slightly topped estimates o/n (53.8 vs. E: 53.7) helping EU shares lead global markets higher today.
Looking into today’s session, there are two notable economic reports to watch: the April ADP Employment Report (E: 763K) which will offer the first look at the health of the labor market from last month, and the ISM Services index (E: 64.2). Investors will be looking for a solid ISM Services number today following the disappointing manufacturing print earlier in the week.
There are also three Fed speakers today: Evans (9:30 a.m. & 3:00 p.m. ET), Rosengren (11:00 a.m. ET), and Mester (12:00 p.m. ET) as well as a few notable companies reporting earnings: GM ($1.01), PYPL ($1.01), UBER (-$0.56).
Bottom line, if yesterday’s rate hike/higher interest rate concerns continue to subside this morning, then stocks should be able to stabilize led by a recovery in tech names however any negative surprises in economic data or hawkish comments from any of the Fed speakers could lead to renewed selling pressure today.
