Daily Note | January 31, 2024 | Sharks Are Circling DMF

Stocks are little changed as the earnings from megatech failed to excite investors. Pre-market, AMD is down -6.5%, Google is down -5.5% and Microsoft is down -1.6%. The balance of MegaCaps are lower as we await the Fed today. Bond yields lower as part of a bull steepening.

The macro data focus is on ADP, ECI (Fed’s preferred measure of wage inflation), C…