February 3, 2022 Headlines

Futures markets are pointing to an ugly start for U.S. stocks, particularly the technology sector. The NASDAQ is poised to fall more than 2% following disappointing earnings reports and forecasts for tech giants like Meta and Qualcomm. Meta, the parent to Facebook, plunged 22% overnight, the equivalent of $195 billion of market value. If that loss held, it would be the biggest single-day collapse in market value for a U.S. company, eclipsing the $180 billion lost by Apple on September 3, 2020. Treasury yields are 2-3 basis points higher after the Bank of England (BoE) announced an expected 0.25% rate hike. Four of the nine-member BoE panel wanted a 0.5% hike, which would have been the largest single-meeting since 1997 when the bank became independent from the government. The European Central Bank (ECB) chose to keep rates unchanged, and in the post-meeting press conference, ECB President Lagarde continued to suggest a 2022 rate hike will not be necessary for the Eurozone.

Jason Haley
Chief Investment Officer

Date	Event	Survey	Actual	Prior	Revised
2/3/2022	Challenger Job Cuts YoY	—	-76.00%	-75.30%	—
2/3/2022	Nonfarm Productivity	3.90%	6.60%	-5.20%	-5.00%
2/3/2022	Unit Labor Costs	1.00%	0.30%	9.60%	9.30%
2/3/2022	Initial Jobless Claims	245k	238k	260k	261k
2/3/2022	Continuing Claims	1620k	1628k	1675k	1672k
2/3/2022	Markit US Services PMI	50.9	—	50.9	—
2/3/2022	Markit US Composite PMI	50.8	—	50.8	—
2/3/2022	ISM Services Index	59.5	—	62	62.3
2/3/2022	Factory Orders	-0.40%	—	1.60%	—
2/3/2022	Factory Orders Ex Trans	0.40%	—	0.80%	—
2/3/2022	Durable Goods Orders	-0.90%	—	-0.90%	—
2/3/2022	Durables Ex Transportation	—	—	0.40%	—
2/3/2022	Cap Goods Orders Nondef Ex Air	—	—	0.00%	—
2/3/2022	Cap Goods Ship Nondef Ex Air	—	—	1.30%	—
2/4/2022	Two-Month Payroll Net Revision	—	—	—	—
2/4/2022	Revisions: Employment Report – Establishment Survey
2/4/2022	Change in Nonfarm Payrolls	150k	—	199k	—
2/4/2022	Change in Private Payrolls	80k	—	211k	—
2/4/2022	Change in Manufact. Payrolls	20k	—	26k	—
2/4/2022	Unemployment Rate	3.90%	—	3.90%	—
2/4/2022	Average Hourly Earnings MoM	0.50%	—	0.60%	—
2/4/2022	Average Hourly Earnings YoY	5.20%	—	4.70%	—
2/4/2022	Average Weekly Hours All Employees	34.7	—	34.7	—
2/4/2022	Labor Force Participation Rate	61.90%	—	61.90%	—
2/4/2022	Underemployment Rate	—	—	7.30%	—

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