Evening Headlines
Bloomberg:
- Asia Stocks to Advance After U.S. Rally; Oil Gains: Markets Wrap. Asian stocks are poised to open higher Tuesday, spurred by a surge on Wall Street, after early results for an experimental vaccine sparked speculation economies could snap back quickly. Crude oil advanced and yields on Treasuries rose. Futures gained almost 2% in Japan, Australia and Hong Kong. Contracts on the S&P 500 opened little changed. The U.S. benchmark jumped the most in almost six weeks after Moderna Inc. said its vaccine tests yielded signs it can create an immune-system response in the body. Companies that would benefit from a return toward more normal economic activity such as Carnival Corp. and Delta Air Lines jumped. Ten-year Treasury yields climbed to the highest in five weeks. Oil consolidated above $30 a barrel. S&P 500 futures were flat as of 7:02 a.m. in Tokyo. The S&P 500 Index surged 3.2%. The Dow Jones Industrial Average climbed 3.9% and the Nasdaq Composite Index rose 2.4%. Nikkei 225 futures climbed 1.8%. Australia’s S&P/ASX 200 Index futures rose 2%. Hong Kong’s Hang Seng Index futures advanced 1.8% earlier.
Wall Street Journal:
CNBC.com:
- Barr Says Review of Trump-Russia Probe’s Origins Won’t Likely Lead to Investigation of Obama, Biden.
CNBC.com:
MarketWatch.com:
Zero Hedge:
Zero Hedge:
Night Trading
Morning Preview Links
Earnings of Note
Company/Estimate
Before the Open:
After the Close:
8:30 am EST
Other Potential Market Movers
Normal:
- Asian equity indices are +.75% to +1.75% on average.
- Asia Ex-Japan Investment Grade CDS Index 115.25 -4.0 basis points.
- China Sovereign CDS 50.0 -3.25 basis points.
- Bloomberg Emerging Markets Currency Index 58.64 +.10%.
- FTSE 100 futures +.39%.
- S&P 500 futures +.15%.
- NASDAQ 100 futures +.27%.
Earnings of Note
Company/Estimate
Before the Open:
- (AAP)/1.59
- (EXP)/.87
- (HD)/2.28
- (KSS)/-1.69
- (SINA)/.15
- (WMT)/1.09
- (WB)/.30
- (NTES)/28.27
- (RRR)/-.02
- (SQM)/.25
- (URBN)/-.25
8:30 am EST
- Housing Starts for April is estimated to fall to 904K versus 1216K in March.
- Building Permits for April is estimated to fall to 1000K versus 1353K.
- None of note
- The Eurozone ZEW Economic Index, weekly US retail sales reports, RBC Capital Markets Virtual Healthcare Conference, Suntrust Robinson Humphrey Financial Services Conference and the (PAYX) business update conference could also impact trading today.
Normal:
- 9:30 am - 4:00 pm EST
2 comments:
Gary, do you believe the real bottom has been put in? Been reading your blog for MANY years, it is the best.
JC
Hope you and your family are doing well JC. I just saw your comment. It depends on the time frame. I think its likely that the bottom is in for stocks this year, but we are also likely very close to putting in another meaningful top and there will probably be another scary period before year-end. Hope is driving the current rally to a VERY large extent. It is mainly fueled by central bank/govt stimulus, economies opening back up and the perception the virus is weakening with a vaccine on the horizon. I think there is a massive disconnect between perception and reality. The market is pricing in a v-bottom in economic activity. Economic activity has crashed, so of course it is improving somewhat as things reopen, BUT the rebound will be much less vigorous than a V, in my opinion. Many businesses won't survive, leading to an elevated level of joblessness. European sovereign debt, china tensions, uncertainty over the US election and worries over commercial real estate are some areas of concern I'm monitoring closely. More stimulus could temporarily keep the hope trade going longer/higher than I currently expect, but I anticipate new market lows by next year. Thanks for reading JC!
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