Yesterday we had mixed economic data as Factory Orders came in slightly higher then what economists had predicted while the ISM Non-Mfg Index came in below expectations. The market didn’t seem to take notice too much as most investors are much more focused on the FOMC Minutes on Wednesday and the Employment numbers on Friday. The biggest news of the day came after hours when Janet Yellen was confirmed by Senate to be the next Chairwoman of the Federal Reserve. When she assumes office on February 1st she will be the first woman to hold the post in the Fed’s 100 year history. Looking at the day ahead, the only major economic release today is International Trade at 8:30 AM which showed a narrowing trade gap.
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