Stock futures rebound on latest vaccine optimism
- U.S stock index futures climbed 0.4% overnight, before the penultimate
trading session of 2020, following a slight pullback on Tuesday as Mitch
McConnell blocked a push to increase direct payment checks to $2,000.
- Still, the passage of a new $900B fiscal stimulus package, as well the
coronavirus vaccine rollout, has boosted markets in recent weeks.
Overnight, a vaccine developed by the University of Oxford and
AstraZeneca
received approval for emergency use in the U.K.
- "There is a lot riding on the AstraZeneca vaccine in particular, much
more than any other vaccine on a global level," said Hani Redha, a
multiasset portfolio manager at PineBridge Investments. "Just the sheer
number of doses there will be and the fact that distribution of it is
easier, particularly in developing countries, makes it important."
- On the economic calendar, home sales data for November is due at 10
a.m. ET. While the housing market had been a strong spot for the economy
during the summer, pending home sales dropped in October and are expected
to have declined by another 0.3% from the prior month due to rising house
prices.
- Yesterday, the Case-Shiller measure of October home prices surged
ahead of expectations and is up nearly 8% Y/Y.
|Today, 6:56 AM|1 Comment
- U.S stock index futures climbed 0.4% overnight, before the penultimate
trading session of 2020, following a slight pullback on Tuesday as Mitch
McConnell blocked a push to increase direct payment checks to $2,000.
- Still, the passage of a new $900B fiscal stimulus package, as well the
coronavirus vaccine rollout, has boosted markets in recent weeks.
Overnight, a vaccine developed by the University of Oxford and
AstraZeneca
received approval for emergency use in the U.K.
- "There is a lot riding on the AstraZeneca vaccine in particular, much
more than any other vaccine on a global level," said Hani Redha, a
multiasset portfolio manager at PineBridge Investments. "Just the sheer
number of doses there will be and the fact that distribution of it is
easier, particularly in developing countries, makes it important."
- On the economic calendar, home sales data for November is due at 10
a.m. ET. While the housing market had been a strong spot for the economy
during the summer, pending home sales dropped in October and are expected
to have declined by another 0.3% from the prior month due to rising house
prices.
- Yesterday, the Case-Shiller measure of October home prices surged
ahead of expectations and is up nearly 8% Y/Y.
|Today, 6:56 AM|1 Comment
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