Two Questions to Start 2022
What’s in Today’s Report:
- Two Key Questions To Start 2022
- Weekly Market Preview: Omicron, Build Back Better Progress?
- Weekly Economic Cheat Sheet: A Busy Start to the Year (Highlighted by the Jobs Report Friday)
Futures are starting the new year with moderate gains driven mostly by momentum/start of year positioning, following a quiet weekend of news. Many major markets today (London, Japan, Australia, U.S. Bonds) are closed.
Tesla (TSLA) reported better than expected deliveries for the fourth quarter and the stock is up 7% pre-market, and that’s helping markets rally.
There was no new news on Omicron over the weekend as cases skyrocket but hospitalizations remain relatively low.
With so many major markets closed, today will be a mostly quiet day, and barring any surprises tomorrow will be the first “real” trading day of the year. We do get one notable economic report today, the Markit December Manufacturing PMI (E: 57.8), and markets will want to see a “Goldilocks” number that shows Omicron isn’t a major economic headwind, but at the same time the data isn’t so strong it makes the Fed more aggressive.
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