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.
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