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Futures are modestly lower this morning, although the Nasdaq is modestly outperforming. The big news so far this morning is progress among EU members regarding a stimulus package for the region, and that has the euro trading at four-month highs versus the dollar. That’s the big news now, but the big news later could be the release of phase one COVID vaccine data out of AstraZeneca and the University of Oxford.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, the latest on the EU stimulus package, global economic data, trends related to the COVID-19 outbreak, and much more.
It’s been a good couple of months for the Technology sector of late, so it’s a bit out of the ordinary to see coming into a new week that Technology was the big laggard in the prior week. While the majority of sectors were up well over 1% last week, Technology was down a full percent. That kind of underperformance from the sector has been uncommon recently, but last week’s pullback proves once again that no sector, not even tech, is immune to the laws of gravity. While Technology lagged badly, sectors like Industrials, Materials, Health Care, and Utilities were all up over 4%.