What’s in Today’s Report:
- Jobs Report Preview
- The Single Reason the FOMC Minutes Were Hawkish
Futures are little changed following Wednesday’s sell-off, as solid economic data is helping sentiment.
The Chinese December Composite PMI beat estimates at 53.0 vs. (E) 51.2, the second straight better than expected data point from China. UK Composite PMI also beat estimates, imply a resilient economy in response to Omicron.
President Biden and Senator Manchin are set to resume negotiations on “Build Back Better” signaling the legislation isn’t dead (again passage of this in Q1 shouldn’t shock markets but it will not likely be a major market influence, either).
Today’s focus will be on economic data, specifically Jobless Claims (E: 205K) and the ISM Services PMI (E: 67.0). If the data is very strong, will that increase concerns the Fed will get even more hawkish, and that will pressure stocks again.