What’s Going To Move This Market Higher?
What’s in Today’s Report:
- What’s Going to Move This Market Higher?
- Weekly Market Preview: How Strong is the Global Recovery (The Stronger, the Better)
- Weekly Economic Cheat Sheet: What Happens if Friday’s Jobs Report is “Too Hot?”
Futures are modestly higher as markets bounce back from Friday’s decline thanks to solid global economic data.
Economically, German Retail Sales beat estimates, surging 7.7% vs. (E) 3.0% while the final EU manufacturing PMI slightly missed estimates at 62.9 vs. (E) 63.3. But, that’s still a strong number in an absolute sense and implies the EU economy is rebounding from COVID.
Politically, President Biden signaled support for a bipartisan infrastructure plan, which means it will be smaller than proposed but also more likely to pass and become law.
Today the key number will be the ISM Manufacturing PMI (E: 65.0) and markets will want to see continued strength in the U.S. recovery. We also get one Fed speaker, Williams at 2:10 p.m. ET, and it will be interesting to see if he acknowledges that it’s time to “talk about, talking about” tapering QE, like Dallas Fed President Kaplan did on Friday. If so, that could push the 10 year yield slightly higher.
