Stimulus Winners and Losers
What’s in Today’s Report:
- Stimulus Winners and Losers
- Empire State Manufacturing Survey Takeaways
Stock futures are higher with global shares today as investors look ahead to the Fed following upbeat economic data o/n while a stimulus deal has still not been reached.
Economically, EU Flash Composite PMIs came in better than expected with the German Manufacturing and the French Services components both handily beating expectations, pointing to still healthy and resilient recovery.
Today, there are a few economic reports to watch in the U.S. session. In order of importance they are: Retail Sales (E: -0.3%), PMI Composite Flash (E: 57.4), Business Inventories (E: 0.6%), and Housing Market Index (E: 88.0).
After the morning data, focus will turn to the Fed with the FOMC Meeting Announcement at 2:00 p.m. ET, followed by Fed Chair Powell’s Press Conference at 2:30 p.m. ET.
With investors keenly watching the Fed for clues about the future or QE and ZIRP today, ongoing negotiations for a stimulus package on Capitol Hill will remain a key influence to watch as well, as a deal is largely priced in with the S&P trading just shy of record highs and any disappointment regarding the next round of coronavirus aid could result in a significant uptick in volatility.
