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“You live and you learn. At any rate, you live.” – Douglas Adams

It looks like the market has another case of the Mondays.  Unlike ‘typical’ Mondays, this Monday represents the third straight week that Americans are waking up to positive news related to vaccines.  As one might expect given the headlines, futures are higher with reopening stocks leading the way.  Stay at home stocks, on the other hand, are predictably trading lower.  In both cases, though, the headlines seem to have a diminishing impact as the magnitude of the moves in all of these asset classes are smaller than the initial vaccine news from earlier this month on November 9th.

Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, Markit PMI data, trends related to the COVID-19 outbreak, and much more.

The CDC may be recommending that Americans stay at home rather than travel this Thanksgiving, but if recent air travel statistics are any indication, the advice isn’t necessarily being followed.  The chart below shows the seven-day average y/y change in the number of passengers traveling through TSA checkpoints since the crisis began.  On the one hand, passenger traffic is down an average of 61.2% relative to the same time last year.  While that’s a big drop, it’s actually the least negative reading we have seen since March when the crisis began.  Furthermore, yesterday’s passenger throughput was 1.048 million which was the highest single-day reading since March 16th and just the third day since then that there were more than 1,000,000 air passengers in a single day (Friday and 10/18 were the two others).