“Ultimately, the markets want clarity, and the main threat to risk assets this week is the emergence of a contested election, so if races are tight enough for…” Tom Essaye, founder of The Sevens Report, wrote in a note. Click here to read the full article.
Tom Essaye of Sevens Report thinks a Biden win could bring major benefits for all cruise stocks, including Royal Caribbean, according to a report by Benzinga. Essaye sees the possibility of cruise lines cashing in on a possible $5 trillion Biden stimulus package in the short term, and that in the longer term, “re-opening travel to Cuba would be another positive…” Click here to read the full article.
What’s in Today’s Report:
Futures are more than 1% higher following a generally quiet weekend as markets bounce ahead of a week full of potential catalysts.
Politically, Biden maintains a wide lead nationally but polls have tightened in some key swing states (FL/AZ/IA). But, markets do still expect the “Blue Wave” final result.
Economic data was solid was Chinese, EU and UK manufacturing PMIs all beat estimates (and remained above 50).
Today we do get one important economic report, the October ISM Manufacturing PMI (E: 55.7), but that shouldn’t move markets unless is a big negative surprise. Instead, we’ll start to get headlines and whispers about how the election is shaping up (early voting totals, etc.) and those headlines are likely to move markets today and tomorrow. So, don’t be surprised if markets get volatile today and tomorrow, but keep in mind almost all of it will be trading “noise.”
“Earnings are heating up and they are generally coming in healthy and better than expected. But with the stimulus saga dragging on and the election…” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter, wrote in a note. Click here to read the full article.
