Market Multiple Table (July Update)
What’s in Today’s Report:
- Market Multiple Table (July Update)
- Why the Empire Manufacturing Survey was “Goldilocks” enough to push stocks higher.
Futures are little changed following a generally quiet night of news as markets look ahead to important economic data and the start of a deluge of earnings results this week.
Economically, there was no data overnight while there was more vague talk of Chinese stimulus, but nothing concrete.
Today the calendar is full of notable economic reports and earnings. Starting with economic data, Retail Sales (E: -0.3% mm, 1.6% y/y) is the key report today and markets will want to see stability in the data to further the “Golidlocks” narrative of falling inflation and stable growth. So, no big disappointments. We also get Industrial Production (E: 0.0% m/m, 1.10% y/y) and the U.S. Housing Market Index (E: 56.0) and again stability is the key word for both reports.
On earnings, most of the results today will be focused on banks/financials, but the bottom line is markets want to hear solid guidance and economic commentary to further dispel hard landing worries. Important reports today include: BAC ($0.84), SCHW ($0.72), MS ($1.14), LMT ($6.43), PNC ($3.31), WAL ($ 1.98) and JBHT ($1.97).
