Why Do Indian COVID Cases Matter to Markets?

What’s in Today’s Report:

• Why Do Indian COVID Cases Matter to Markets?
• S&P 500 Chart: A Long Way to the 200 DMA

Stock futures are wavering between gains and losses this morning as a spike in COVID-19 cases in several global “hot spots” is raising concerns about the future of the economic recovery while NFLX earnings disappointed yesterday.

A sharp rise in COVID cases in Japan and India caused Asian markets to decline overnight amid the threat of new lockdowns and ultimately a slower than expected economic normalization process.

There are no economic reports or Fed speakers today but there is a 20-Year T-Bond auction at 1:00 p.m. ET that could move Treasury markets.

Aside from coronavirus developments, market focus will remain on earnings today following yesterday’s disappointing results by NFLX. Notable companies releasing Q1 results today include: VZ ($1.29), NEE ($0.61), CMG ($4.88), DFS ($2.88), LVS (-$0.28), and CP ($3.46).