Economic Breaker Panel (November Update)
What’s in Today’s Report:
- Economic Breaker Panel (November Update)
- The Two Reasons Stocks Dropped Yesterday
- EIA Analysis and Oil Update
Futures are moderately higher as markets bounce from Thursday’s declines following a night of strong earnings.
DIS, CSCO and AMAT all posted stronger than expected earnings, and commentary was upbeat (especially from CSCO) and that’s helping to offset COVID concerns.
Economic data was slightly better than estimates as Euro Zone flash GDP and Exports both slightly beat estimates.
Today we have two economic report, PPI (E: 0.2%) and Consumer Sentiment (E: 82.0) and two Fed speakers, Williams (7:00 a.m. ET) and Bullard (8:30 a.m. ET) but none of that should move markets unless there’s a big surprise lurking.
Instead, focus will remain on any new lockdowns in the U.S. and on stimulus negotiation updates. Incremental updates yesterday were negative on both topics, and if that happens again don’t be surprised to see these early gains given back (although it’s important to remember that the longer term outlook for COVID got materially better this week – it’s just going to be a bit bumpy in the near term).
