Was ADP A Precursor To Friday’s Employment Report?

Markets were little changed yesterday and overnight despite the weaker than expected ADP employment. As many traders take time off this week, we suspect volatility and prices will remain muted with the possible exception of tomorrow morning’s post-employment report trading.

What To Watch Today

Economy

  • 7:30 a.m. ET: Challenger Job Cuts, year-over-year, August (-92.8% in July)
  • 8:30 a.m. ET: Initial jobless claims, week ended August 28 (345,000 expected, 353,000 during prior week)
  • 8:30 a.m. ET: Continuing claimsweek ended August 21 (2.808 expected, 2.862 million during prior week)
  • 8:30 a.m. ET: Unit labor costs, 2Q final (0.9% expected, 1.0% in prior print)
  • 8:30 a.m. ET: Trade balance, July (-$70.9 billion expected, -$75.7 billion in June)
  • 10:00 a.m. ET: Factory orders, July (0.3% expected, 1.5% in June)
  • 10:00 a.m. ET: Durable goods orders, July final (-0.1% expected, -0.1% in prior print)
  • 10:00 a.m. ET: Non-defense capital goods ordersexcluding aircraft, July final (0.0% in prior print)
  • 10:00 a.m. ET: Non-defense capital goods shipmentsexcluding aircraft, July final (1.0% in prior print)

Earnings

Pre-market

  • 8:00 a.m. ET: American Eagle Outfitters (AEOis expected to report adjusted earnings of 54 cents per share on revenue of $1.22 billion

Post-market

  • 4:05 p.m. ET: DocuSign (DOCU) is expected to report adjusted earnings of 39 cents per share on revenue of $485.53 million
  • 4:05 p.m. ET: MongoDB (MDB) is expected to report adjusted losses of 40 cents per share on revenue of $184.00 million
  • 4:15 p.m. ET: Broadcom (AVGOis expected to report adjusted earnings of $6.85 per share on revenue of $6.76 billion

Politics

  • Two committees in the U.S. House of Representatives — Natural Resources and Oversight — will be the first on Capitol Hill to formally “mark up” their portion of the Democrats’ proposed $3.5 trillion Build Back Better Act today. All relevant House committees will offer their proposals in the coming weeks, which will then be combined and finalized by House Speaker Nancy Pelosi and other senior lawmakers. Next week, the tax-writing committee will consider key tax increases.
  • Pelosi will be in Texas today, holding a press conference in Austin at 2:30 p.m. CT to highlight her health care priorities for the Build Back Better Act.
  • President Biden has meetings at the White House today ahead of a trip to Louisiana to see firsthand damage from Hurricane Ida. At 11 a.m. ET today, Biden will deliver a speech on his administration’s response to the storm.
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