Stock Market Update

[BRIEFING.COM] The major indices trade off session highs heading into the close.

President Trump told reporters he will speak with Chinese President Xi at the appropriate time and there is no rush, according to CNBC.

The 10-yr yield dropped three basis points to 4.51% and the 2-yr yield dropped five basis points to 4.22%. 

Looking ahead to Wednesday, market participants receive the following economic data:

• 7:00 ET: Weekly MBA Mortgage Index (prior -2.0%)
• 8:15 ET: January ADP Employment Change (Briefing.com consensus 155,000; prior 122,000)
• 8:30 ET: December Trade Balance (Briefing.com consensus -$98.0 bln; prior -$78.2 bln)
• 9:45 ET: Final January S&P Global U.S. Services PMI (prior 52.8)
• 10:00 ET: January ISM Services (Briefing.com consensus 53.9%; prior 54.1%)
• 10:30 ET: Weekly crude oil inventories (prior +3.46 mln)