ADP Jobs Report Strong in January; Q4 Earnings Roll Along

Economic Indicators - The ADP Jobs Report for January revealed an addition of +183K new private-sector jobs, surpassing the expected +150K, marking the highest figure since October of the previous year [2][3] - Customer-facing jobs outperformed goods-producing jobs, with Trade/Transportation/Utilities adding +56K positions, Leisure & Hospitality +54K, and Education/Healthcare +20K [3] - Manufacturing saw a decline of -13K positions, while wage gains for Job Stayers were +4.7% and for Job Changers +6.8%, indicating a narrow spread and low inflationary pressure [4] Trade Deficit - The U.S. Trade Deficit for December reached -$98.4 billion, worse than the estimated -$96.8 billion and significantly deeper than the previous month's revised -$78.9 billion [5] - Imports decreased by -2.6$1.76 per share, exceeding the anticipated $1.44, resulting in an earnings beat of +22.22$24.69 billion, slightly above expectations, and shares rose by +1.5% following the announcement [6] Market Expectations - The final S&P Services PMI and ISM Services for January are expected to remain above the growth-contraction threshold of 50, aligning with the strength indicated in the ADP report [7][8] - Qualcomm is set to report quarterly results, with anticipated earnings growth of +6.55% and revenue growth of +9.9% year-over-year [9]