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It’s been a rather volatile overnight session in equity futures. Late last night, futures bottomed out with a decline of well over 1% but then recovered steadily in the early morning hours right up until 5 AM eastern time. Since then, much of the gains have been reversed, and the S&P 500 is poised to open firmly in negative territory.
The overnight volatility we have seen comes as rising COVID case counts around the world and around the country start to weigh on investor sentiment. After the sharp rally, investors are looking to reassess where things stand in terms of government stimulus, economic growth, earnings, and global health trends. Not an easy job by any means!
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, a look at infrastructure stocks, global and national trends related to the COVID-19 outbreak, and much more.
Anytime a streak reaches eleven, we always feel compelled to invoke the famous quote from the movie Spinal Tap. With this week’s drop, initial jobless claims have now dropped for a record 11 straight weeks. While the decline versus last week is encouraging, we also have to note that this week’s drop in claims was the smallest weekly decline in claims of the entire streak. Hopefully, this isn’t a sign of waning momentum in the job market.