Is Tech Bottoming?
What’s in Today’s Report:
- Is Tech Underperformance Ending?
Stock futures are tracking global shares lower this morning as a rebound in COVID-19 cases has prompted new lockdowns in Europe while vaccine news was negative o/n.
A WSJ article released earlier today suggested that AstraZeneca vaccine trial data may have been “incomplete.” AZN shares are down 2.5% in the pre-market as further reviews mean a likely delay in U.S. approval of the vaccine.
Looking into today’s session, there is just one economic report due to be released: New Home Sales (E: 875K) but as was the case with yesterday’s housing market data, it shouldn’t move broader equity markets.
That will leave markets focused on the very long list of Fed speakers today: Bullard (9:00 a.m. ET), Bostic (10:10 a.m. ET), Barkin (11:00 a.m. ET), Powell (12:00 p.m. ET), Brainard (1:25 p.m., 3:45 p.m. ET), and Williams (2:45 p.m. ET).
As long as there are no hawkish surprises from Fed officials, and 10-year yields continue to pull back as they are in early trading, the morning weakness in equities should not materially accelerate over the course of the day.