The Case for Banks
What’s in Today’s Report:
- The Case for Banks
Stock futures have pulled back from overnight highs as yesterday’s run to fresh record levels is digested amid concerning coronavirus trends and fading vaccine optimism.
COVID-19 related hospitalizations reportedly hit a new high for the 15th consecutive day yesterday while deaths spiked to the highest level since May, rekindling concerns that more lockdowns may be implemented.
Today’s economic calendar is very busy with several notable and potentially market moving reports due to be released including: Durable Goods Orders (E: 0.9%), Q3 GDP (33.1%), Jobless Claims (E: 730K), New Home Sales (E: 970K), Consumer Sentiment (E: 77.7), and the Core PCE Price Index (E: 1.4%).
Beyond the morning data dump, there are no Fed speakers but the most recent FOMC Meeting Minutes will print at 2:00 p.m. ET and any hawkish hints in the release could weigh on this seemingly tentative run to new records, especially given thin volumes and low attendance this week.
Finally, additional negative news regarding the second wave of the coronavirus outbreak, including new or extended lockdown measures, could trigger more profit taking into the Thanksgiving holiday.
