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What to Watch: PMIs, New Home Sales, Davos Headlines

MARKET INSIGHT

Rates trading firmer ahead the opening bell, 30s back near Mon's opening levels, 30YY still over 3.0% at 3.0207 (-.0318). Week opener risk appetite cools w/stocks softer (ESM2 -43 at 3928.75) after weak European PMIs and renewed concern over China zero-covid policy weighing on growth.

  • Equities: Best Buy (BBY) missed earning's exp, guides lower, yet shares trading higher! Some desks are citing the retailer's same-store metrics as not being as bad as feared and margins close to expectations for the rally. More earnings after the close: Toll Bros (TOL), Intuit (INTU) and Nordstrom (JWN).
  • Economic data kicks off at 0945ET:
    • S&P Global US Mfg PMI (59.2, 57.7)
    • S&P Global US Services PMI (55.6, 55.2)
    • S&P Global US Composite PMI (56.0, 55.7), followed by
    • Richmond Fed Mfg Index (14, 10) at 1000ET and
    • New Home Sales (763k, 750k); MoM (-8.6%, -1.7%) at 1000ET
    • US Tsy note auction at 1300ET: US Tsy $47B 2Y note (91282CER8)
  • Fed speak:
    • Fed Chair Powell recorded remarks eco-summit, text 1220ET
  • Geopol risk: European Commission President Ursula von der Leyen speaking at the World Economic Forum annual meeting in Davos: "We will do everything we can to help Ukrainians prevail. For the 1st time, the EU is providing military aid to a country under attack. We proposed over EUR10bn in macro-financial assistance...Putin's aggression must be a strategic failure."
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