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September Market Multiple Table Update

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What’s in Today’s Report:

  • Market Multiple Table Update – What’s Changed Since August?

Futures are slightly higher while overseas equity markets were mixed overnight amid quiet newswires as the global bond rally stalls and investor focus turns to inflation data due later in the week.

Economically, the NFIB Small Business Optimism Index rose to 100.8 vs. (E) 100.5 in August.

There are no additional economic reports in the U.S. today, and no Fed officials are scheduled to speak.

The Treasury will hold a 6-Week Bill auction at 11:30 a.m. ET and a 3-Yr Note auction at 1:00 p.m. ET, and both have the potential to impact fixed income markets which could reverberate through equity markets (the stronger the demand, the better).

Finally some late season earnings to watch include: SAIL ($0.04), ORCL ($1.15), GME ($0.19), SNPS ($2.76), AVAV ($0.34), however, with the PPI and CPI reports due out tomorrow and Thursday, respectively, markets will more than likely remain quiet today.

 

Market Multiple Levels: S&P Chart

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What’s in Today’s Report:

  • Market Multiple Levels: S&P 500 Chart

Stock futures are trading with tentative gains this morning as investors digest yesterday’s late session reversal in the U.S. while focus shifts to the start of Q2 earnings season.

Internationally, there was a slew of economic data overnight and on balance the reports were moderately disappointing.

In the U.S. the NFIB Small Business Optimism Index rose to 100.6 vs. (E) 96.7 in June pointing to a continuing improvement in sentiment among business owners this summer.

Today, there is one economic report: CPI (E: 0.5%) and two more Fed officials are scheduled to speak: Brainard (2:00 p.m. ET) and Bullard (2:30 p.m. ET). As we saw with Kaplan’s comments yesterday, the market remains sensitive to Fed chatter right now as the threat of less accommodation, specifically through bond purchases, is not something priced into stocks right now.

The market’s main focus today however will be on the start to Q2 earnings season as several of the big banks are due to release their quarterly results before the open: JPM ($1.34), WFC (-$0.16), and C ($0.47). Additionally, we will get a look into the state of the airline industry via earnings from DAL (-$4.06) as investors ultimately try to decipher just how bad the economic fallout from the shutdowns in the first half of the year really were.