Dose of vaccine optimism and stimulus sees futures recover
- Traders are finding some comfort in a nearly $900B COVID-19 relief
package as Congress passed the long-awaited bill, which includes a boost
to
jobless benefits, more small business loans and another $600 for direct
payments. Futures: Dow +0.1%; S&P 500 +0.3%; Nasdaq +0.6%.
- There's also some optimism that current vaccines will be effective
against the new U.K. coronavirus variant, which had cast a shadow over
the
market on Monday. "The likelihood that our vaccine works... is relatively
high," BioNTech CEO Ugur Sahin declared, saying the company is currently
conducting further studies and hopes to have certainty within the coming
weeks." See additional views here.
- Talks of new lockdowns across the globe, as well as threats to
movement over the holidays, is still weighing on oil, with futures down
another 1.1% to $47.44/bbl.
- On the economic calendar, the U.S. Commerce Department will report the
third estimate for Q3 GDP this morning, which is forecast at a growth
rate
of 33.1%, unchanged from previous estimates. Consumer confidence figures
and existing home sales numbers are also scheduled to be released.
|Today, 7:31 AM|8 Comments
- Traders are finding some comfort in a nearly $900B COVID-19 relief
package as Congress passed the long-awaited bill, which includes a boost
to
jobless benefits, more small business loans and another $600 for direct
payments. Futures: Dow +0.1%; S&P 500 +0.3%; Nasdaq +0.6%.
- There's also some optimism that current vaccines will be effective
against the new U.K. coronavirus variant, which had cast a shadow over
the
market on Monday. "The likelihood that our vaccine works... is relatively
high," BioNTech CEO Ugur Sahin declared, saying the company is currently
conducting further studies and hopes to have certainty within the coming
weeks." See additional views here.
- Talks of new lockdowns across the globe, as well as threats to
movement over the holidays, is still weighing on oil, with futures down
another 1.1% to $47.44/bbl.
- On the economic calendar, the U.S. Commerce Department will report the
third estimate for Q3 GDP this morning, which is forecast at a growth
rate
of 33.1%, unchanged from previous estimates. Consumer confidence figures
and existing home sales numbers are also scheduled to be released.
|Today, 7:31 AM|8 Comments
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