Monday's Market Minute: Another Busy Week

This week, the focus will primarily be on the Non-Farm Payrolls, but there’s also a fair amount to keep an eye on prior to the employment report Friday. This week, we have earnings, economic data, and comments from Fed Chair Jerome Powell. Let's begin with quarterly results; retailers will be front and center once again. We have Dick’s Sporting Goods (DKS), Trip.com (TRIP), CrowdStrike (CRWD), Casey’s General Stores (CASY), Dole (DOLE), Stitch Fix (SFIX), Campbell Soup (CPB), MongoDB (MDB), JD.com (JD), Ulta Beauty (ULTA), and DocuSign (DOCU), to name a few.

In terms of economic data, a slow start to the week with Factory Orders Monday. We’ll get a look at the Beige book, MBA mortgage apps, JOLTS, and the ADP report on Wednesday. Thursday, the weekly jobless numbers will be closely watched as well as the Challenger job cut report. But this will all just be the precursor to the more closely-watched monthly number Friday; keep an eye on the wage component, especially if it comes in higher than expected, indicating employers are having to provide further financial incentives to gain employees in a tight labor market.

Jerome Powell’s two-day annual testimony on the Hill begins tomorrow. Investors will be looking for further insight as to what to expect from the meeting later this month, and if there has been any shift if tone after recent stronger-than-expected inflation data.

Lastly, keep an eye on yields. Last week, we saw 10 year back around 4% for the first time since November. Treasury futures—the bonds and the ten-year—have been below the 50-day moving average since the beginning of February and are weighing on stocks and stock index futures products.

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