Futures here in the U.S. are suggesting a lower open for stocks to begin the week after the strong jobs report Friday. It seems U.S. traders are unwilling to buy into the optimism we saw overnight in China and in Asian stocks as COVID restrictions and zero-tolerance policies appear to be easing further. Crude oil is higher this morning after OPEC decided to keep existing the production cut in place and with the E.U. ban on Russian oil going into effect today.
This week, we have a fair amount of data to keep an eye on. Let's begin with today and how the focus will be on the PMI, the ISM, and the Factory Orders. Wednesday, Crude Inventories will be watched after last week’s large draw and with prices in the WTI above $80 to begin the week. Also keep an eye on Productivity and Costs figures and Consumer Credit. Thursday, we have Jobless Claims. Friday, the attention will be on PPI and the Consumer Sentiment data due out.
In terms of earnings, this week we have AutoZone AZO, Toll Brothers TOL, Costco COST, Chewy CHWY, Broadcom AVGO, RH RH, Lululemon LULU, and DocuSign DOCU, to name a few.
Lastly, keep an eye on the U.S. dollar testing the August low around 104. The weaker U.S. dollar is a reflection of the move up off the October lows in stocks, and it’s giving a lift to gold, which is back to 1,820 to begin the week.
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