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We’re looking at a 1% decline in the US equity market, which wouldn’t actually be that bad given all the volatility we have had lately. Any moves in the market that would represent a more normal trading pattern would be welcome in our view. The big events so far today came from DC where the Senate unanimously passed the $2 trillion relief package. From a market perspective, the big news wasn’t from CNBC or Bloomberg but instead the ‘Today’ show where Fed Chair Powell conveyed the message that the Fed is “not going to run out of ammunition” and that the Fed “still has policy room.”
Read today’s Bespoke Morning Lineup for a discussion of the latest trends and statistics of the outbreak and overnight moves in the market.
They say a picture is worth a thousand words, and this one doesn’t really need much in the way of explanation. Everyone was expecting a surge in claims this week, but the actual increase was more than double expectations as claims came in at 3.283 million versus estimates for 1.7 million That was basically double economist expectations and more than 10x more than the prior week. Just to put this reading in perspective, it works out to 1% of the US population. Not the working population, but the entire population!