November Market Multiple Levels Chart: S&P 500: Start a free trial of The Sevens Report.
What’s in Today’s Report:
- November Market Multiple Levels Chart – S&P 500 (Printable/Sharable PDF)
- Manheim Used Vehicle Value Index Falls 4% Y/Y – Chart
Stock futures are flat as Treasury yields edge higher following a mostly quiet night of new with Powell’s morning commentary coming in to focus.
Economically, German CPI was unchanged in October at 3.8% y/y, meeting estimates, while Eurozone Retail Sales were not as bad as feared, falling -2.9% vs. (E) -3.2%.
Looking into today’s session, there are no market-moving economic reports in the U.S. today, but the Treasury will hold a 10-Yr Note auction at 1:00 p.m. ET that could move bond markets. And if we see yields begin to creep higher after the auction, that will act as a strengthening headwind for equity markets.
Outside of the Treasury auction, focus will be on Fed speak starting with Powell this morning before Williams, Barr, and Jefferson speak after the lunch hour.
Earnings continue to wind down but there are two notable companies reporting today: DIS ($0.68), LYFT ($0.13).
Bottom line, a lot of the November rally in stocks has been based on a dovish shift in Fed policy expectations and if either the Treasury auction or commentary from Fed officials suggest markets have become too dovish, stocks are likely to give back some of the recent gains.
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