Tuesday's Market Minute: Disappointing Chinese Data Weighs On Sentiment

China logged some disappointing data during the overnight session with the Caixin Services Purchasing Managers Index (PMI) coming in at 51.8 – the lowest level we’ve seen this year. The information has investors and traders pushing back against hopes of an economic recovery, and the negative tone has global indices lower ahead of the U.S. cash open for the holiday-shortened week. Let’s take a market minute to identify what you should be keeping an eye on.

There’s a bit of a lull in terms of major economic data for this week. We have Factory Orders today, and tomorrow traders should watch out for the PMI Composite Final, the ISM Services Index, and the Beige Book. On Thursday, we have the weekly Jobless Claims report as well as Productivity and Costs. Finally, we end the week with Wholesale Inventories on Friday, so there’s not much upcoming data on the calendar to move markets. 

As far as companies reporting quarterly results, keep an eye on Kroger KR, Zscaler ZS, GameStop GME, DocuSign DOCU, and RH RH.

Lastly, WTI crude oil hit $86.14 a barrel, and that’s raising some concerns, as did the inflation CPI spike in the figures out of South Korea. As for treasuries, with the 2-year dangerously close to 5% and the 10-year holding up around the highs from last year, we have rates (much like crude) at stubbornly elevated levels and that’s not what the Fed, inflation hawks, or Europe wants to see headed into the end of the year.

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