Tuesday, December 08, 2020
Stocks lower. Stocks are pulling back this morning following the release of the NFIB Small Business Optimism Survey, which fell 2.6 points as optimism wavers on rising COVID-19 cases.
- Asian markets finished mostly lower overnight.
- European markets point lower in midday trading.
- State and local government aid remains an area of contention for finalizing additional stimulus.
- US sanctions Chinese officials over Hong Kong crackdown, but the market remains focused on a potential trade deal.
Market Signals powers forward. Chief Market Strategist Ryan Detrick and Equity Strategist Jeff Buchbinder discuss highlights and charts from LPL Research Outlook 2021: Powering Forward in this week’s Market Signals podcast.
Highlights from Outlook 2021. 2020 has been nothing short of a roller coaster, but it’s time to look forward. LPL Research Outlook 2021: Powering Forward releases today, and we discuss some of the main highlights and market calls in today’s LPL Research blog.
Technical update. Energy was the worst performing sector in the S&P 500 Index’s 0.2% loss on Monday. However, with the sector still above its 200-day moving average and crude oil prices holding above $44 per barrel, the near-term technical outlook appears more neutral than negative, a stark contrast from much of the past few years. Equities are heading lower for the second straight day, though Treasury yields and the US dollar are little changed.
COVID-19 news. New COVID-19 cases are climbing back toward 200,000 per day, while the change in the week-over-week 7-day average sits around 25% (source: COVID Tracking Project).
- The United Kingdom administered the first doses of the Pfizer-BioNTech vaccine today.
- The US Food and Drug Administration (FDA) is set to meet for approval of the same vaccine; the market widely expects the FDA to grant Emergency Use Authorization.
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.
References to markets, asset classes, and sectors are generally regarding the corresponding market index. Indexes are unmanaged statistical composites and cannot be invested into directly. Index performance is not indicative of the performance of any investment and do not reflect fees, expenses, or sales charges. All performance referenced is historical and is no guarantee of future results.
Any company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services. LPL Financial doesn’t provide research on individual equities.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
All index and market data are from FactSet and MarketWatch.
This Research material was prepared by LPL Financial, LLC.
Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC).
Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice from a separately registered independent investment advisor that is not an LPL affiliate, please note LPL makes no representation with respect to such entity.
- Not Insured by FDIC/NCUA or Any Other Government Agency
- Not Bank/Credit Union Guaranteed
- Not Bank/Credit Union Deposits or Obligations
- May Lose Value
For Public Use – Tracking 1-05086972