The Presidential Election and Markets
What’s in Today’s Report:
- Why Doesn’t the Market Care About the Election Yet?
- NFIB Small Business Optimism Index Takeaways
Stock futures are higher this morning following positive vaccine news from MRNA late yesterday which is offsetting a continued rise in tensions between the U.S. and China.
All 45 patients involved in MRNA’s latest coronavirus vaccine trial reportedly showed a “robust immune response” to the treatment, pushing the trial into the next phase.
Looking into today’s session, there are a lot of potential market catalysts including several economic reports due early in the day: Empire State Manufacturing Survey (E: 8.9), Import and Export Prices (E: 1.1%, 0.8%), and Industrial Production (E: 4.3%).
There is also one Fed official scheduled to speak: Harker (12:00 p.m. ET) but he is not likely to move markets as focus shifts to earnings. Notable companies releasing their Q2 earnings reports include: UNH ($5.08), GS ($4.27), PNC ($1.14), and BK ($0.94).
Despite all of the moving pieces this morning, markets are focused on the positive MRNA vaccine developments and continued optimism for a viable vaccine/treatment should support risk-on money flows today barring any major surprises.