July 23, 2021 Headlines

Strong earnings reports are bolstering equity futures this morning ahead of the open, and the improved risk tone and anticipation of new supply next week is driving Treasury yields slightly higher/steeper. Beyond new Treasury supply, market participants are shifting focus toward next week’s FOMC meeting. While no major policy shifts are expected, all eyes/ears will be fixed on any discussion of asset purchases and tapering. Preliminary July PMI data for the Eurozone was released today, and both manufacturing and service sector readings were slightly above expectations, setting a new cycle high of 60.6 for the composite index. U.S. PMI data will be released later this morning, with expectations for both the index to remain essentially unchanged from June readings.

Jason Haley
Chief Investment Officer

DateEventSurveyActualPriorRevised
7/23/2021Markit US Manufacturing PMI62—62.1—
7/23/2021Markit US Services PMI64.5—64.6—
7/23/2021Markit US Composite PMI——63.7—

 

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