What’s in Today’s Report:
- Market Multiple Levels: S&P 500 Chart
- May JOLTS Report Takeaways
Stock futures are sharply lower along with most international equity markets this morning while bond yields are extending recent declines amid new COVID-19 concerns.
Japanese Prime Minister, Yoshihide Suga, issued a state of emergency for Tokyo overnight and the latest reports suggest spectators will be banned from the summer Olympics which is weighing heavily on investor sentiment today.
10-Year yields are down another 7 basis points in early trade while travel and leisure shares are leading markets lower in the pre-market, underscoring concerns about the state of the economic recovery and emerging concerns surrounding the Delta variant of COVID-19.
Today, there is just one economic report: Jobless Claims (E: 353K) and no Fed officials are scheduled to speak.
Investors will be looking for a continued drop in the weekly jobless claims data but focus will likely be on COVID-19 trends and the latest lockdown developments as the health of the economic recovery is reassessed.