Election Day Scenario Analysis (Good, Bad, Ugly)
Election Day Scenario Analysis (Good, Bad, Ugly): Start a free trial of The Sevens Report.
What’s in Today’s Report:
- Good/Bad/Ugly Election Scenario Analysis
- Chart – S&P 500 Violates Critical Uptrend off August Lows
Stock futures turned higher with Asian shares overnight thanks to better-than-expected Chinese economic data as trader focus shifts ahead to Election Day in the U.S.
Economically, China’s October Composite PMI rose to 51.9 vs. (E) 50.4, up from 50.3 in September which supported solid gains in Asian shares overnight with Chinese benchmarks rising more than 2%.
Today, the general elections in the U.S. will clearly dominate the headlines however there is one key economic report to watch shortly after the open: ISM Services PMI (E: 53.5).
There are no Fed officials scheduled to speak ahead of this week’s FOMC meeting however there is a 10-Yr Treasury Note auction at 1:00 p.m. ET that could roil markets if it is much stronger than anticipated (flight to safety) or much weaker than expected (fiscal concerns/higher yields).
Lastly, there are a few earnings to watch today as well with MPC ($0.97) reporting ahead of the open and key semiconductor company SMCI ($0.51) after the close along with tech-focused communications company, LUMN ($-0.20).
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