The yield has been rangebound between 1.46% and 1.54%. A move above that higher level could indicate the yield…writes Tom Essaye, founder of Sevens Report Research. Click here to read the full article.
What’s in Today’s Report:
Futures are enjoying a modest bounce following yesterdays’ declines after a generally quiet night of news.
Economic data was solid overnight as both EU (56.2 vs. (E) 56.1) and UK (54.9 vs. (E) 54.1) September Composite PMIs beat estimates, reflecting stability in the global economic recovery.
On inflation, Euro Zone PPI rose 1.1% vs. (E) 1.3%, implying inflation pressures could be starting to ease.
Today focus will be on economic data and specifically the ISM Services PMI (E: 60.0). Markets will want to see stability in this number to further confirm the COVID spike in July/August didn’t have a lasting impact on the recovery. We also get two Fed speakers today, Barkin (10:30 a.m. ET) and Quarles (1:15 p.m. ET), and markets will continue to be on the lookout for any signs of a compromise on the reconciliation/debt ceiling bill (although nothing material is expected today).
What’s in Today’s Report:
Stock futures are trading modestly higher this morning while international markets are mixed as inflation and taper fears continue to ease ahead of key economic data due later in the week.
The only economic report overnight was the French Business Climate Indicator which came in at 107 vs. (E) 105 but the release did not materially move markets.
Today, there are no economic reports due to be released and just one Fed official is scheduled to speak: Quarles (10:00 a.m. and 3:00 p.m. ET).
There is a 5-Yr Treasury Note Auction at 1:00 p.m. ET and as has been the case for most of this year, any significant surprises in the results could move both stock and bond markets significantly, but that is less likely today given focus is on Friday’s inflation data.
Until then, expect a more volatile market, but at this point, strong policy support for stocks remains very much in place, and that’s a good thing…according to Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. Click here to read the full article.
“Today’s focus will be on the Employment…” writes Tom Essaye, founder of Sevens Report, before the jobs report emerged. Click here to read the full article.
“While the S&P 500 may be facing structural head-winds due to tech weakness, much of the rest…” Tom Essaye, founder of Sevens Report, said according to CNBC. Click here to read the full article.
Yahoo Finance’s Brian Sozzi and Alexis Christoforous break down latest market action with The Sevens Report Founder, Tom Essaye. Click here to watch the full interview.
What’s in Today’s Report:
Markets are risk-on this morning with U.S. stock futures tracking European shares higher after EU leaders finalized a $2T stimulus package overnight while Q2 earnings from IBM topped expectations after the close yesterday.
The EU spending package, which importantly incorporates EU bonds, still needs to be passed by the EU Parliament and may not begin to take effect until mid-2021.
Looking into today’s session, there are no economic reports to watch and no Fed officials are scheduled to speak however the earnings calendar picks up considerably.
Companies reporting Q2 results today include: KO ($0.40), LMT ($5.71), PM ($1.09), and SYF ($0.04) before the open and SNAP (-$0.09), UAL (-$9.13), TXN ($0.87), and COF (-$1.25) after the close.
Tom Essaye, editor of the Sevens Report, said Friday that even the S&P 500 has held onto its week-to-date advance in large part thanks to Microsoft, Amazon and Apple. He and others have…Click here to read the full article.
“We will start to get results from some of the big multi-national industrials and tech firms, which should shed more light on the effects of the trade war…” Tom Essaye who founded “The Sevens Report” newsletter, wrote in a note to clients. Click here to read the full article.
