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“Well, I don’t have any greater insight than anybody else.” – Jensen Huang
Hangover on a Wednesday? Well, there is football today, so anything is possible! After a great start to the month yesterday, futures are indicated lower this morning as concerns over a stalemate on any agreement related to a stimulus/spending bill weigh on sentiment. ADP Private Payrolls for November was just released and came in weaker than expected. While economists were forecasting an increase of 440K jobs, the actual reading came in more than 100K weaker at 307K. That’s a pretty big miss, but there has been little reaction in the futures market on the premise that ADP has been consistently weaker than expected over the last few months.
Be sure to check out today’s Morning Lineup for updates on the latest market news and events, Eurozone auto sales, an update on the latest national and international COVID trends, and much more.
Equities have continued to do well lately, but semis have been an area of notable strength. While the S&P 500 has rallied nearly 1% in the last three trading days, the Philadelphia Semiconductor Index (SOX) has rallied over 1% on each of the last three trading days for a total gain of over 4%. Semis are considered one of the more cyclical sectors of the market, so their recent strength is a good sign.