Is the Easy Part of the Rally Behind Us?

What’s in Today’s Report:

  • Is the “Easy” Part of the Rally Behind Us?
  • Weekly Market Preview
  • Weekly Economic Cheat Sheet:  Global PMIs Thursday will be very important.

Futures are sharply higher as economic reopening continued across the U.S. over the weekend, with more states announcing reopening and easing social restrictions.

The reopening headlines over the weekend were numerous, but there wasn’t any new news that implied the economic might return to normal sooner than expected, and beyond the short term, when the economy returns to normal remains the key unknown for this market.

Fed Chair Powell gave an interview on 60 Minutes that was cited as “positive” but he didn’t say anything new that wasn’t already communicated in his comments last week.

Economic data was sparse and isn’t moving markets.

Today there are no economic reports and no market moving Fed speakers, so headlines on economic reopening, U.S./China relations and the coronavirus should move markets.