Election Preview
What’s in Today’s Report:
- Thoughts on the Friday/Monday Rally
- Election Preview
Stock futures are flat following a mostly quiet night of news as traders begin to look ahead to tonight’s debate between President Trump and former VP Biden.
The only economic release o/n was Eurozone Economic Sentiment which beat on the headline (91.1 vs. E: 89.5) but had soft details which is weighing modestly on EU shares.
House Democrats presented a $2.2T relief bill late yesterday but realistically it will not be passed before election day, and therefore is not having a significant impact on markets this morning.
Today, there are two economic reports, the latter of which will be more important to watch: Case-Shiller House Price Index (E: -0.1%) and Consumer Confidence (E: 88.8) while there is just one Fed official scheduled to speak (twice): Williams (9:15 a.m. & 1:00 p.m. ET).
With the debate looming tonight, the focus will be on politics and the latest attempt at a stimulus bill by Congress. And barring any unexpected progress on getting a stimulus deal done in the very near term, markets are lining up to have a relatively quiet session today.