Tuesday, markets seemed to calm, with equity futures rising. Equity futures are…writes Tom Essaye, founder of Sevens Report Research. Click here to read the full article.
What’s in Today’s Report:
Equity futures are broadly higher as this week’s positive vaccine news and strong PMI data spur optimism for continued growth as we start the final month of the year.
November Manufacturing PMIs across Asia and Europe largely topped estimates overnight suggesting economic growth is continuing to firm despite the lack of stimulus.
Looking into today’s session, traders will look for a continued trend of better than expected economic data in the two notable reports due to be released: ISM Manufacturing Index (E: 57.5) and Construction Spending (E: 0.8%) as underwhelming data will rekindle fears that the recovery is losing steam, especially in the U.S. where coronavirus statistics are concerningly elevated.
There are also several Fed speakers today: Powell (10:00 a.m. ET), Brainard (11:00 a.m. ET), Daly (1:15 p.m. ET), and Evans (3:00 p.m. ET) however the focus will clearly be on Chair Powell’s Congressional testimony, alongside Treasury Secretary Mnuchin, regarding the CARES Act as investors assess the outlook for more stimulus in the months ahead.