From Nasdaq OMX Group:

Today’s Big Picture:
– Asia-Pacific equity markets finish mixed
– Europe in midday trading mixed, US equity futures pointing to a mixed open
– Investors cautious ahead of Fed’s monetary policy decision, ADP’s January Employment Report
– Market will adjust rate cut expectations if Fed indicates late 3Q 2024 or early 3Q 2024 for rate cuts
– Developments in the Red Sea and rebound in oil prices among reasons Fed could disappoint stock market doves

Data Download:
– Japan’s industrial production increased by 1.8% MoM in December, below expectations
– Retail sales in Japan rose 2.1% YoY in Dec. 2023, slowing from November
– China’s NBS Manufacturing PMI at 49.2 in January, marking 4th straight month of contraction
– NBS Non-Manufacturing PMI at 50.7, the 13th straight month of expansion

Markets:
– Sectors were mixed yesterday with gains in Energy and Financials
– Small caps gave back some ground as Nasdaq shed 0.76%
– Dow Jones Industrial Averages was up 0.35%
– The “other Cisco,” Sysco, gained 7.52% after reporting a strong quarter

Stocks to Watch:
– Boeing, Mastercard, Tesla, and Microsoft expected to report quarterly earnings
– Shares of Paramount Global on track to open over 14% higher on reports of a $14 billion takeover offer
– Technology shares are weighing on pre-market trading as top decliners include Teradyne, Advanced Micro Devices, and Nvidia



Read more: Daily Markets: Tech Earnings Weigh on Futures, Fed on Deck