Market Multiple Table (Deterioration from May)

What’s in Today’s Report:

• June Market Multiple Table (Deterioration from May)
• ISM Manufacturing PMI: Why It Wasn’t As Good As It Seemed

Futures are little changed following a generally quiet night of news as markets await the first employment report of the week.

Economic data was sparse but disappointing, as German Retail Sales fell –5.5% vs. (E) -2.6% while Euro Zone PPI rose 7.6% yoy vs. (E) 7.3% and those disappointing numbers are weighing slightly on European indices.

Today’s focus will be on the ADP Employment Report (E: 627k) and if it’s much weaker than expected, or there’s some specific mention about labor shortage issues, expect that to be a headwind on stocks.  There are also three Fed speakers today, Evans (12:00 p.m. ET), Harker (12:00 p.m. ET), and Kaplan (6:05 p.m. ET) but we don’t expect them to move markets.