What’s in Today’s Report:
- Market Multiple Table: July Update
- OPEC+ Update
U.S. stock futures are trading modestly higher with tech shares outperforming (Nasdaq futures are at a fresh record) as bond yields continue to fall to multi-month lows ahead of the Fed Minutes release this afternoon.
Economically, German Industrial Production fell -0.3% vs. (E) +0.5% in May, adding to a recent string of disappointing global economic data that has been pressuring bond yields.
Today, there is just one economic report to watch: May JOLTS (E 9.30M), and while it’s a dated release, some components of the report could shed some new light on the current trends of the labor market.
Looking to the Fed, the release of the June FOMC Meeting Minutes (2:00 p.m. ET) will be the main focus today as investors look for further clarity on the Committee’s taper timeline and eventual plans for raising rates. Additionally, Atlanta Fed President Raphael Bostic speaks at 3:30 p.m. ET.