A.M. Update

S&P futures are down -0.25% on this first day of the new month, and while the market awaits Powell’s comments. China’s Caixin Manufacturing PMI for November (actual 50.7; last 49.5) returned into expansion, contrasting with the official Manufacturing PMI (actual 49.4; last 49.5) that was released on Thursday. Manufacturing PMI readings in Germany, France, Spain,…