🇺🇸 WHAT TO WATCH TODAY — U.S. MARKETS

🔸8:15 AM ET — 🇺🇸 ADP Weekly Employment Estimate
🔸10:00 AM ET — 🇺🇸 Richmond Fed Manufacturing & Services
🔸10:00 AM ET — 🚗 AutoZone Earnings Call
🔸10:05 AM ET — 🏦 Fed’s John Williams
🔸10:20 AM ET — 🏦 Fed Vice Chair Philip Jefferson
🔸1:00 PM ET — 🇺🇸 $69B 2-Year Treasury Auction
🔸1:00 PM ET — 🏦 Fed’s Tom Barkin + Q&A
🔸4:30 PM ET — 🛢️ API Oil Inventories

🔥 2-YEAR TREASURY AUCTION — KEY EVENT
The $69B auction is today’s biggest test for the front end of the Treasury curve.
With the 2Y highly sensitive to Fed expectations, demand could quickly spill into the dollar and equities.

Strong auction → 2Y yield ↓ → growth stocks supported
Weak auction → 2Y yield ↑ → stocks pressured

🏦 FED SPEAKERS
Williams and Jefferson speak shortly after 10 AM ET, followed by Barkin at 1 PM.
Markets will watch for signals on inflation, the September rate hike and the path for further tightening.

🇺🇸 RICHMOND FED
September manufacturing and services data provide another read on U.S. economic momentum.

🛢️ OIL
API inventories arrive after the close, ahead of Wednesday’s official EIA report.

🚗 EARNINGS
AutoZone is today’s most notable U.S. earnings report.
(@WalterBloomberg)