Tue, 12/01/2020 – 13:06
E-mini S&P 500 Futures (December): Settled at 3623.25, down 13.25
E-mini Nasdaq-100 Futures (December): Settled at 12,277, up 19.50
U.S. benchmarks have again found vaccine tailwinds and are set to open higher by about 1%. Yesterday, Moderna requested clearance from the FDA via the Emergency Use Authorization and plans to apply for the same in Europe after their primary analysis proved the vaccine to be 94.1% effective, in line with their earlier findings. Furthermore, the company said there were no serious safety concerns. Moderna gained 20.24% yesterday and is up about 10% overnight.
Early this morning, Pfizer and BioNTech said they’ll request similar clearances. In recent weeks, we’ve discussed the vaccine news trickle; a slow-developing, yet constant flow of news that continues to lift stocks just as a glimmer of exhaustion may look to set in. Today’s tailwinds have the S&P testing its record high of 3668 with much broader participation than the last few sessions as financials and energies snap back from yesterday’s bludgeoning.
The U.S. dollar also remains in the spotlight as the Dollar Index hovers at 2.5-year lows. Today, Fed Chair Jerome Powell and U.S. Treasury Secretary Steven Mnuchin held a joint Congressional testimony at 9:00 a.m. CT. Most recently, headlines have described a dispute between the two after the Treasury requested the Federal Reserve to return unused funds from the unprecedented pandemic stimulus measures. We think the news cycle is making “much ado about nothing,” however, the two will certainly field questions on the topic, as well as the state of economy now and given the surge in Covid-19 cases.
On the economic calendar, we had the final Manufacturing PMI for November at 8:45 a.m. CT, followed by the more closely-watched ISM read. Fed Governor Lael Brainard and ECB President Christine Lagarde each spoke at 11:00 a.m. CT.
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