What’s in Today’s Report:
- October Economic Breaker Panel: How Long Can the Economic Plateau Last?
Futures are sharply lower as surging coronavirus cases in Europe are sparking fears of another self-imposed economic slowdown.
New lockdowns were announced across Europe, with some of the toughest measures coming in London and Paris.
Today there are several important economic reports, including Jobless Claims (E: 833K), Empire State Manufacturing (E: 14.5) and Philly Fed (E: 14.5). Markets will want to see jobless claims get below 800k to show the labor market is improving, while Empire and Philly provide the first look at October economic data and markets will want to see stability. With futures down sharply, any disappointment in the economic data could exacerbate the losses.
We also get multiple Fed speakers today, Bostic (9:00 a.m. ET), Kaplan (11:00 a.m. ET), Quarles (11:00 a.m. ET) plus some notable earnings, TSM ($0.92), WBA ($0.96), MS ($1.26), but I don’t think any of that will move markets unless there’s a big surprise lurking.