What’s in Today’s Report:
- Why Are Stocks So Resilient (And Can It Continue?)
- Weekly Market Preview: More re-openings and stimulus this week?
- Weekly Economic Cheat Sheet: Claims still key, but Friday’s data is also important.
Futures are modestly lower following a quiet weekend as markets digest last week’s gains.
Economic data from China continued to come in better than feared, as New Yuan Loans grew 11.5% vs. (E) 10.3% while auto sales declined just –5.5% in April compared to –40% in March.
The Chinese data continues to sew hopes for a relatively quick, “V” shaped economic recovery in the U.S., and that expectation is helping to support stocks.
Today there are no notable economic reports and just one Fed speaker, Evans (3:30 p.m. ET), so headlines on economic re-openings and a potential additional stimulus bill should drive markets (if the re-opening headlines are good and prospects for another stimulus bill continue to rise, markets should be able to continue to digest the recent rally).