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TradeTheNews.com US Mid-Session Update: Volatile Markets Ahead of Yellen Congressional Testimony   
Tue, 09 Feb 11:46 AM EST/04:46 PM GMT
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Economic Data
- (US) Jan NFIB Small Business Optimism: 93.9 v 94.5e
- (US) Goldman Economist Chain Store Sales w/e Feb 6th w/w: -2.6%; y/y: +2.9%- 08:15 (US) Baltic Dry Bulk Index
- (US) Weekly Redbook Sales w/e Feb 6th: +0.6% y/y; Feb m/m: -2.6%;
- (MX) Mexico Jan CPI M/M: 0.4% v 0.3%e; Y/Y: 2.6% v 2.5%e; CPI Core M/M: 0.2% v 0.2%e
- (EU) Weekly ECB Forex Reserves w/e Feb 5th: €268.8B v €270.7B prior
- (US) Dec JOLTS Job Openings: 5.60M v 5.413Me
- (US) Dec Wholesale Inventories M/M: -0.1% v -0.2%e; Wholesale Trade Sales M/M: -0.3% v -0.4%e

US equities gave up yesterday's late-session rally in the premarket this morning, then popped higher on a short-covering rally. Volatile trading and elevated volumes have made for rough sledding. Note that traders are also positioning ahead of tomorrow's semi-annual Congressional testimony by Fed Chair Yellen, with hopes for some color on the chair's thinking on the recent market volatility. Energy stocks keep weighing on broader equity markets as crude prices hover at late-January lows. As of writing, the DJIA is down 0.43%, the S&P500 is off 0.31% and the Nasdaq is down 0.26%.

The December JOLTS survey showed job openings at their highest level since last July and their second highest level ever, while the total number of quits hit 3.1 million, the highest level in a decade. The metric is a closely-watched predictor of wage pressure on inflation, and one analyst noted that the quits rate leads the y/y trend in average hourly earnings by six quarters. Unemployment ...
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