Has the Market Reached “Fair” Value Yet?
What’s in Today’s Report:
- Pullback Update: Have We Reached “Fair Value” Yet?
- Weekly Economic Cheat Sheet: Jobs Friday, PMI’s Thursday (It’s an Important Week)
- Weekly Market Preview: Coronavirus and stimulus hopes are the near term divers of stocks.
Futures are sharply higher thanks mostly to momentum from Friday’s rally, although there were incrementally positive headlines on stimulus and coronavirus over the weekend that are also helping stocks rally this morning
Speaker Pelosi made optimistic comments on a pre-election stimulus deal, but nothing specific was mentioned.
On the coronavirus front, cases keep rising, but news that Florida was fully reopening and European countries were planning more surgical shutdowns both helped sentiment.
Today there are no notable economic reports and no Fed speakers, so markets will be focused on whether the S&P 500 can hold Friday and this mornings’ gains. From an influence standpoint, in the near term coronavirus cases and stimulus hopes are driving markets, and any incrementally negative headlines on either topic will risk seeing Friday’s gains given back.