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After a downright horrible day for risk assets on Thursday, bulls are trying to close out the week on a high note with the S&P 500 indicated to open up by nearly 2%. The only economic data of note is Import Prices and Michigan Sentiment. Other than that, it looks like investors will be paying close attention to the latest COVID trends heading into the weekend.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, moves in overseas markets, an audacious move from Hertz to try and issue more equity to fund its bankruptcy, the latest Industrial Production numbers from the Eurozone, global and national trends related to the COVID-19 outbreak, and much more.
One result of yesterday’s rout in the equity market is that not a single major US index is up over the last five trading days, and every single one of them has moved out of overbought territory. Even the Nasdaq 100, is down fractionally!