Have Things Improved This Much?

What’s in Today’s Report:

  • Have Things Improved This Much?
  • Weekly Market Preview:  Focus Shifts to Earnings
  • Weekly Economic Cheat Sheet:  How Bad Is The Economy? (We Get Important Updates This Week)

Futures are modestly lower following a generally quiet weekend as markets digest last week’s big rally.

OPEC+ agreed to cut global oil output by 9.7 mln barrels/day, slightly below to 10 mln barrel/day estimate.  That will improve the supply/demand imbalance, but it won’t spark a big rally in oil (it’ll take a sooner than expected reopening of the global economy to do that).  For stocks, this is a mild positive as oil probably won’t make new lows going forward.

Coronavirus trends continued to improve over the weekend as it becomes more clear virus growth has peaked, although that’s already priced into stocks at these levels.

Today there are no economic reports or Fed speak, and most of Europe is closed, so any coronavirus updates will likely drive trading.