Market futures are up to start a new trading week, following stock-buying we saw off mid-day lows on Friday, which for a time threatened to wipe out the full week’s gains. Building on this were the Asian markets and the FTSE, starting early today, and currently we see +200 points on the Dow, +75 on the Nasdaq and +21 on the S&P 500.
No new economic data is expected ahead of the opening bell today, though we do see Markit and ISM Services data after the market opens. The associated Manufacturing data from these two sources, released on October 1st last week, came in slightly below projections and lower than the reads for August. Markit Services PMI last month reached 54.6; on the ISM Services side, 56.9. Being over the threshold of 50 depicts growth, sub-50 depicts contraction.
Much of the news headlines over the weekend revolved around President Trump’s condition, as he battles Covid-19 at Walter Reed hospital in Bethesda, where he was air-lifted in Marine One Friday afternoon. Since that time, he has made a “public” appearance of sorts, waving to supporters from a secured vehicle. But just how serious his condition is currently is not readily apparent.
The “second wave” of the coronavirus has clearly arrived, as doctors and scientists had predicted. States that had appeared to have the disease under control — like New York, New Jersey and Illinois — are beginning to see spikes in new cases, although not necessarily in the same regions they had spiked previously. Worldwide, new outbreaks are occurring from France to Russia to Argentina. But with economies still struggling to recover from previous shutdowns, state and national leaders are demonstrating more reluctance to shuttering businesses this time around.
Talks on Capitol Hill have resumed yet again in order to seek a deal on a relief package for Americans and their businesses affected by the pandemic. It would appear the president’s condition has brought something of a reckoning to lawmakers who thus far have either not taken Covid-19 seriously or have been reluctant to spend more money bailing out the domestic economy continuing to be ravaged by it. Then again, if Trump is released from the hospital later today, will this latest newsworthy event related to the coronavirus be conveniently swept under the rug?
Image: Bigstock
Market to Open Green Amid Second Wave Fears
Market futures are up to start a new trading week, following stock-buying we saw off mid-day lows on Friday, which for a time threatened to wipe out the full week’s gains. Building on this were the Asian markets and the FTSE, starting early today, and currently we see +200 points on the Dow, +75 on the Nasdaq and +21 on the S&P 500.
No new economic data is expected ahead of the opening bell today, though we do see Markit and ISM Services data after the market opens. The associated Manufacturing data from these two sources, released on October 1st last week, came in slightly below projections and lower than the reads for August. Markit Services PMI last month reached 54.6; on the ISM Services side, 56.9. Being over the threshold of 50 depicts growth, sub-50 depicts contraction.
Much of the news headlines over the weekend revolved around President Trump’s condition, as he battles Covid-19 at Walter Reed hospital in Bethesda, where he was air-lifted in Marine One Friday afternoon. Since that time, he has made a “public” appearance of sorts, waving to supporters from a secured vehicle. But just how serious his condition is currently is not readily apparent.
The “second wave” of the coronavirus has clearly arrived, as doctors and scientists had predicted. States that had appeared to have the disease under control — like New York, New Jersey and Illinois — are beginning to see spikes in new cases, although not necessarily in the same regions they had spiked previously. Worldwide, new outbreaks are occurring from France to Russia to Argentina. But with economies still struggling to recover from previous shutdowns, state and national leaders are demonstrating more reluctance to shuttering businesses this time around.
Talks on Capitol Hill have resumed yet again in order to seek a deal on a relief package for Americans and their businesses affected by the pandemic. It would appear the president’s condition has brought something of a reckoning to lawmakers who thus far have either not taken Covid-19 seriously or have been reluctant to spend more money bailing out the domestic economy continuing to be ravaged by it. Then again, if Trump is released from the hospital later today, will this latest newsworthy event related to the coronavirus be conveniently swept under the rug?