“The passage of this package only solidifies that there are massive structural tailwinds on the economy and markets as we enter 2021, which is longer-term…” Tom Essaye, founder of Sevens Report, said in a note on Tuesday. Click here to read the full article.
“The passage of this package only solidifies that there are massive structural tailwinds on the economy and markets as we enter 2021, which is longer-term…” Tom Essaye, founder of Sevens Report, said in a note on Tuesday. Click here to read the full article.
“The passage of this package only solidifies that there are massive structural tailwinds on the economy and markets as we enter 2021, which is longer-term positive for…” Tom Essaye, founder of Sevens Report, said in a note on Tuesday. Click here to read the full article.
What’s in Today’s Report:
Stock futures are trading at record highs this morning amid renewed stimulus hopes and soft economic data overseas.
Late yesterday, Treasury Secretary Mnuchin urged Congress to pass new stimulus funding and expressed willingness to sit down with Congressional Democrats to work towards a deal.
German Retail Sales were -0.9% vs. (E) +0.5% in July bolstering the case that more stimulus is needed globally.
Today, we will get an initial look at labor market data for the month of August via the ADP Employment Report (E: 850K) which could move markets if there is a material surprise (either way) in the headline. Data on Factory Orders for July (E: 5.8%) will also be released this morning.
There are multiple Fed speakers today including: Williams (10:00 a.m. ET), Mester (12:00 p.m. ET), Kashkari (3:00 p.m. ET), and Daly (6:00 p.m. ET), from which the market will look for additional signals that the FOMC will remain very accommodative for the foreseeable future.
Finally, the next stimulus package has jumped back into the forefront of the market’s focus so any developments regarding progress towards a deal will be well-received by risk assets including stocks while concerns of an ongoing stalemate will be a headwind.