How Bad Is the Damage?
What’s in Today’s Report:
- How Bad Is the Damage?
- Weekly Market Preview (Coronavirus Growth Rate Remains Key)
- Weekly Economic Cheat Sheet (Jobs Report/Global PMIs)
Futures are slightly higher (and well off overnight lows) as markets continue to digest last week’s rally and evaluate the latest coronavirus infection data.
President Trump extended social distancing guidelines until April 30th, which was generally in-line with expectations.
Coronavirus infection numbers were mixed over the weekend, as evidence builds that the growth rate in Italy has peaked, while NY/NJ/CT (and possibly New Orleans/California) remain hot spots here in the U.S.
There is one notable economic report today, Pending Home Sales (E: -1.6%), but focus will shift towards corporate commentary as markets try and assess the level of earnings and economic damage that’s occurred over the past six weeks.