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“Do more of what works and less of what doesn’t.” – Steve Clark
Will we or won’t we? Investor hopes over a potential new round of stimulus/relief out of Washington have been on the rise this morning after House Speaker Pelosi has indicated that she still thinks a deal with the White House is possible and that both she and Treasury Secretary Mnuchin have agreed to restart informal talks. With Pelosi and Democrats still at $2.3 trillion and the White House and Republicans refusing to go above $1.5 trillion, there’s still a wide gap, but at least they’re talking.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, market performance in the US and Europe, trends related to the COVID-19 outbreak, and much more.
In last week’s trading, the Nasdaq 100 was the only one of the major US index ETFs to finish the week in the green, but a number of other indices came close with the S&P 100, Russell 1000, and S&P 500 all finishing down less than 1%. With today’s rally at the open, all of these indices will erase last week’s losses right at the open and could even make a run at reclaiming their 50-day moving averages. Mid and small caps, on the other hand, will all need a bit of an added boost to erase last week’s losses, though. What is encouraging about the setup heading into the week, is that the timing scores on all of the ETFs shown currently rank as ‘Good’.