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Futures are indicated higher, setting the stage for a 7th daily gain in the last 8 sessions.  Futures were already higher, but the May ADP Private Payrolls report which came in much less bad than expected (-2.76 million vs 9.0 million consensus estimate).

Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, surging mortgage applications, the latest round of Service sector PMIs, news in global markets, global and national trends related to the COVID-19 outbreak, and much more.

After underperforming in a big way for most of 2020 (and even longer than that), European equities have gotten a big boost in recent days, aided in part by the weaker dollar.  The relative strength of Europe’s STOXX 600 in dollar adjusted terms has shown signs of life versus the S&P 500 and appears to have broken its short-term downtrend.  That’s a trend to watch in the coming weeks as Europe is ahead of the US in terms of re-opening, and last week’s announced collective fiscal relief plan for member countries suggests more cohesion within the bloc.

On a short-term basis, European equities have looked more attractive, but a long-term picture shows a much different picture.  Here, the recent strength off the May lows isn’t even visible.  In other words, Europe still has quite a hole to dig itself out of.  But hey, you have to start somewhere!