What’s in Today’s Report:
- Market Multiple Table: January Update
- OPEC+ Meeting Takeaways (Not So Bullish)
Stock futures are down modestly this morning, but off the overnight lows in sympathy with rising European shares while Asian markets declined on Chinese regulatory concerns and fresh COVID lockdowns in Hong Kong.
Final December Composite PMI’s were slightly disappointing but investors are already looking ahead to 2022.
Today, there are three economic reports to watch: Motor Vehicle Sales (E: 13.2M), ADP Employment Report (E: 414K), PMI Composite Final (E: 56.9). It will be important for the latter two to point to continued growth but not at a pace that would cause an additional hawkish shift by the Fed as that would likely send rates sharply higher and act as a headwind on broader equity markets.
There are no Fed speakers today but the minutes from the December FOMC meeting will be released at 2:00 p.m. ET.