November Market Multiple Table Update

November Market Multiple Table Update: Start a free trial of The Sevens Report.

What’s in Today’s Report:

  • Market Multiple Table – November Update

Stock futures are modestly lower following hawkish Fed speak from Kashkari late yesterday, a dovish rate hike from the RBA overnight, and downbeat economic data overseas.

Economically, Chinese Exports fell -6.4% vs. (E) -3.0% and German Industrial Production declined -3.9% vs. (E) -3.2%. This underscores global recession risks are still very much present despite increased hopes for a “soft landing.”

Looking into today’s session, there are two economic reports to watch: International Trade (E: -$60.3B) and Consumer Credit (E: $10.0B). However, neither are very widely followed and it would take significant surprises in the data to meaningfully move markets.

That will leave investors primarily focused on a busy schedule of Fed speakers: Barr, Waller, Williams, and Logan. As well as a 3-Yr Treasury Note auction at 1:00 p.m. ET.

Specifically, if Fed officials push back on the markets dovish reaction to last week’s FOMC meeting and/or we see weak demand in the Treasury auction this afternoon sending yields back higher, that will dampen sentiment and likely cause a pullback in stocks today.

Earnings season is winding down but there are a few notable releases to watch today including: UBER ($0.13), DHI ($3.90), and EBAY ($1.04).


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