Data dump on deck — What you need to know in markets on Wednesday

More all-time highs.

On Tuesday, the Dow closed above 19,000 for the first time, the S&P 500 cracked 2,200 for the first time, while the Nasdaq and Russell 2000 both moved into fresh record territory for the second day in a row.

On Wednesday, the final full trading day of the week, we’ll get a number of economic data reports and we’ll see if the post-election rally pushes forward.

Data dump

It’s a full schedule.

Here’s the data rundown for Wednesday morning:

• Initial jobless claims (248,000 expected)

• Durable goods orders (+1.2% expected)

• FHFA home price index (+0.5% expected)

• Markit flash manufacturing PMI (53.4 expected)

• New home sales (590,000 expected)

• University of Michigan consumer sentiment (91.6 expected)

• FOMC meeting minutes

In focus will be the report on durable goods orders and consumer sentiment.

In a note to clients out Tuesday, Joe LaVorgna and the economics team at Deutsche Bank outlined how to reframe your view of economic data in light of the likely shakeup we’re set to see out of Washington following the election of Donald Trump.

The lesson? Look forward.

“At economic inflection points, many hard data series are less useful because they are not forward looking,” the firm writes.

“This applies to measures of employment, production and retail sales, which are either contemporaneous or backward looking. Instead, investors should focus on forward-looking series such as business and consumer expectations, as well as capital spending plans. Durable goods orders are another such series as they provide clues with respect to companies’ future investment outlays.” (Emphasis added.)

Deutsche Bank does caveat, however, that durable goods reports will get more interesting starting next month.

The consumer sentiment reading, however, will give us the first glimpse into the state of the consumer since the election.

Of note here will be any changes in consumers’ expectations for inflation, as well as commentary around whether folks felt more or less confident making big-ticket purchases now that the uncertainty surrounding the election has been cleared up.

The FOMC Minutes, due out at 2 p.m. ET, should be a bit of a snoozer given the update we got from Fed Chair Janet Yellen in testimony last week.

Further Reading

Donald Trump could trigger the ‘great unwind’ in markets (Yahoo Finance)

Trump wants to fill the two vacant Fed seats early in his term (Bloomberg)

Here’s what a primary dealer actually is (FT Alphaville)

The time is now for euro-dollar parity (Bloomberg)

Donald Trump talked to The New York Times (NYT)

Aswath Damodaran on Valeant (Musings on Markets)

Is Yak the new cashmere? (WSJ)

Obama makes fun of Michael Jordan. Kind of. (Business Insider) Related: Obama will pardon turkeys for the final time on Wednesday (AP)

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Myles Udland is a writer at Yahoo Finance.

Read more from Myles here; follow him on Twitter @MylesUdland