Why the Pullback Isn’t Over
What’s in Today’s Report:
- Why the Pullback Isn’t Over
- Weekly Economic Cheat Sheet: Flash PMIs the key report this week
- Weekly Market Preview: New Coronavirus Headwinds?
Futures are sharply lower as concerns mount that surging coronavirus cases in Europe will cause another economic lockdown.
Coronavirus cases in multiple European countries, including the UK, France, and Spain, are back near March highs, and concerns are rising those governments will re-implement economically crippling lockdown measures.
Politically, the death of Ruth Bader Ginsburg will make the election even more heated, but it should not have any direct impact on the markets.
Today there are no notable economic reports or market-moving Fed speakers, so focus will turn towards Europe as weakness in those markets drove U.S. futures lower. If Europe can bounce into their close (11:30 a.m.) than U.S. stocks could as well.