Market Multiple Table: Pushing Justifiable Valuations
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What’s in Today’s Report:
- June Market Multiple Table – Pushing the Edge of Justifiable Valuations
- Empire State Manufacturing Survey Takeaways
- Chart – NVDA Tests Near-Term Uptrend
Futures are little changed as ongoing strength in technology shares offsets weakness in small caps in pre-market trade after mixed economic data overnight.
Economically, the German ZEW Survey missed estimates while the EU’s Narrow Core HICP (Core CPI equivalent) was inline with the May Flash of 2.9%, which was up from 2.7% in April.
Today, focus will be on economic data early with Retail Sales (E: 0.3%) and Industrial Production (E: 0.3%) both due to be released. Investors will be looking for signs of healthy consumer spending but not a figure that is “too hot” (hawkish policy concerns) or “too cold” (growth worries) while steady factory sector data would be welcomed but not as impactful for markets today.
There is also a long list of Fed speakers today. In chronological order, we will hear from: Barkin (10:00 a.m. ET), Collins (11:40 a.m. ET), Musalem (1:00 p.m. ET), Logan (1:00 p.m. ET) and Goolsbee (2:00 p.m. ET).
Finally, there is a 20-Yr Treasury Bond auction at 1:00 p.m. ET and weak demand could send yields higher and weigh on equities in afternoon trade.
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