Initial jobless claims and Challenger layoff data come ahead of the open after ADP's weak report yesterday raised rate cut odds. Salesforce and Snowflake results are also in focus.

Live Cattle Futures (/LEZ25) are trading slightly down this Wednesday morning at 218.05 after opening the day at 218.4. However, the beef market is showing some signs of strength as we pull back from the low set last week on November 25th at 204.55.

Overall, we expect 2026 to be another good year of returns for bond investors, but the range of potential outcomes is wide.

Stocks are mixed and yields are lower after ADP reported November job losses of 32,000 and a report surfaced that Microsoft is lowering its sales quotas. Fed rate cut hopes hit 90% on this new sign of economic softness.

Crypto turned around yesterday but Marvell Technology earnings appeared to disappoint. Today brings Salesforce results and ADP jobs data, along with Macy's and Snowflake.

Stocks rose and yields fell early, with stocks holding gains after ADP reported November job losses of 32,000. Fed rate cut hopes hit 90% on this new sign of economic softness.

Marvell Technology and CrowdStrike results following the close will be watched for AI and tech demand trends, while crypto could again play a role after denting sentiment Monday.

Congress returns to Washington for a three-week sprint to the end of the year.

Data this week touch on manufacturing, inflation, and jobs. The Fed is quiet ahead of next week's meeting, and stocks had a mixed November highlighted by strong late-month gains.