January 6, 2021 Headlines

US Treasuries bear steepened overnight as Democrats look to flip both seats in Georgia’s second Senate runoff. The Associated Press has already called the first race for Democrat Raphael Warnock while the second seat remains too close to call. If Democrats win both Senate seats, the party would gain majority control in Congress. Small-cap stocks in the Russell 2000 are up +1.69% ahead of the open in anticipation of additional fiscal stimulus whereas the technology driven NASDAQ is down -1.56% on fears of stricter regulations.

Chris Eckhoff
Associate, Investment Management Group

01/04/21Markit US Manufacturing PMI56.357.156.5
01/04/21Construction Spending MoM1.00%0.90%1.30%1.60%
01/05/21ISM Manufacturing56.860.757.5
01/05/21ISM New Orders67.965.1
01/05/21ISM Prices Paid6677.665.4
01/05/21ISM Employment51.548.4
01/05/21Wards Total Vehicle Sales15.80m16.27m15.55m
01/06/21MBA Mortgage Applications1.70%-5.80%
01/06/21ADP Employment Change75k-123k307k304k
01/06/21Markit US Services PMI55.255.3
01/06/21Markit US Composite PMI55.7
01/06/21Factory Orders0.70%1.00%
01/06/21Factory Orders Ex Trans1.00%
01/06/21Durable Goods Orders0.90%0.90%
01/06/21Durables Ex Transportation0.40%0.40%
01/06/21Cap Goods Orders Nondef Ex Air0.40%
01/06/21Cap Goods Ship Nondef Ex Air0.40%
01/06/21FOMC Meeting Minutes
01/07/21Challenger Job Cuts YoY45.40%
01/07/21Initial Jobless Claims803k787k
01/07/21Continuing Claims5200k5219k
01/07/21Trade Balance-$67.3b-$63.1b
01/07/21Bloomberg Consumer Comfort44.6
01/07/21ISM Services Index54.555.9
01/08/21Revisions: Household Survey data
01/08/21Two-Month Payroll Net Revision
01/08/21Change in Nonfarm Payrolls73k245k
01/08/21Change in Private Payrolls50k344k
01/08/21Change in Manufact. Payrolls18k27k
01/08/21Unemployment Rate6.80%6.70%
01/08/21Average Hourly Earnings MoM0.20%0.30%
01/08/21Average Hourly Earnings YoY4.50%4.40%
01/08/21Average Weekly Hours All Employees34.834.8
01/08/21Labor Force Participation Rate61.50%61.50%
01/08/21Underemployment Rate12.00%
01/08/21Wholesale Trade Sales MoM1.80%
01/08/21Wholesale Inventories MoM-0.10%-0.10%
01/08/21Consumer Credit$9.000b$7.228b

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