What’s in Today’s Report:
- Market Multiple Table: August Update
- Chart: JOLTS Hit New Record
Stock futures are little changed this morning as investors digest Monday’s hawkish Fed chatter and continue to monitor the status of the Delta variant outbreak around the globe.
Economically, Germany’s August ZEW Survey was moderately disappointing while domestically, the NFIB Small Business Optimism Index came in at 99.7 vs. (E) 103.3, however neither report is materially moving markets given the recent focus on the very strong July jobs report in the U.S.
On infrastructure, the $1.2T bipartisan bill is expected to pass a final vote in the Senate later this morning but that has largely been priced into markets already.
Today, there is one economic report to watch: Productivity and Costs (E: 3.5%, 1.2%) and one Fed speaker: Evans (2:30 p.m. ET).
Additionally, there is a 3-Year Treasury Note auction at 1:00 p.m. ET, and a soft outcome could result in another wave of hawkish money flows like we saw on Monday (yields higher, dollar higher, mixed price action in equities).