Stocks are mixed after today’s three-year low print in Jobless Claims counters yesterday’s weak ADP report.

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.

In a riddle for the Fed, layoffs rose in November but weekly jobless claims fell to three-year lows. Stocks were flat ahead of Friday's PCE prices data and next week's Fed meeting.

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.

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.

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.