Market Multiple Table: August Update
What’s in Today’s Report:
- August Market Multiple Table: How Much Deterioration Has Occurred?
U.S. futures are higher thanks to good economic data overseas and solid tech earnings with PLTR up 6% premarket after topping estimates and raising guidance.
Economically, China’s Services PMI unexpectedly rose from 50.6 to 52.6 vs. (E) 50.4, helping ease global growth concerns which surged following Friday’s downbeat U.S. jobs report.
Today, focus will be on economic data early with International Trade in Goods (E: $-61.5B) and the ISM Services PMI (E: 51.5) due to be released.
From there, focus will turn to the bond market as the Treasury will hold 4-Week & 52-Week Bill auctions at 11:30 a.m. ET and a 3-Yr Note auction at 1:00 p.m. ET, all of which could shed light on investors’ outlook for Fed policy rates in the near-term.
Finally, earnings season continues with PFE ($0.58), CAT ($4.88), BP ($0.68), AMD ($0.28), AMGN ($5.26), SMCI ($0.35), and AFL ($1.71). Near all-time highs, this market will want to see continued strength in both Q2 results, as well as forward guidance in order for the rebound from last week’s pullback to gain momentum.