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Before the Bell: S&P 500 Set to Open Lower

The S&P 500 is flat after a huge rally yesterday and set to open lower. Only a handful of states now remain shut down and it appears that the economy as a whole is swinging back to “normal”  A good indicator is the housing market of how people feel about the virus. There are currently 4 million Americans skipping payments, but this is actually good news because the numbers of people asking for mortgage relief is actually trending down.

Key Market Points

  • Big Rally Not Led by the Nasdaq For a Change
  • Materials Move to a Leading Spot in the Short-Term
  • Energy Continues to Improve; Is this Simply Counter-Trend?
  • A Small Cap Breakout Would Send a Broadening Message
  • Futures Point to a Lower Open Today

Market News Articles

Powell says Fed prepared to use full range of tools to support the economy – WSJ. Federal Reserve Chairman Jerome Powell said the central bank will use its “full range of tools to support the economy” as a result of the economic shock caused by the coronavirus pandemic in testimony prepared for delivery to a congressional panel on Tuesday.

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Trump says should be possible to allow PPP borrowers more time to use loans – Reuters . U.S. President Donald Trump said on Monday extending the number of time borrowers in the Paycheck Protection Program have to spend their funds to 24 weeks from the current eight weeks “should be easy.”

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Unemployment likely to remain high through 2021, Fed study says – Bloomberg. While uncertainty abounds in economic forecasting, U.S. unemployment will likely stay “severely” elevated well into next year, according to a report by two economists at the Federal Reserve Bank of San Francisco.

Global economic recovery might take up to three years, say European bosses – WSJ. More than 80% of top European business leaders expect a recovery from the coronavirus pandemic will take between one and three years and have overwhelmingly pessimistic views on their companies’ near-term prospects, according to a survey by the Conference Board.

mifinance

China is days away from revealing if it dumped its GDP growth target – Bloomberg . When Chinese Premier Li Keqiang delivers his annual report on economic policy this Friday, there’s a chance that the document’s most important number will be missing.

Earnings Today

AAP, CUE, DXYN, DY, EXP, HD, RADA, SINA, WB, WMT, before the open.

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ASND during the day.

CSV, DAO, IIN, KRNT, NTES, RRR, SQM, TRNS, URBN, after the close.

Economic Calendar

Japanese Final Industrial Production for March
Japanese Final Shipments for March
ECB’s de Guindos Speaks
U.K. Claimant Count Change, Rate for April (2 a.m.)
U.K. Employment, Rate, Unemployment Rate for March (2 a.m.)
U.K. Average Weekly Earnings for March (2 a.m.)
U.K. Preliminary Labor Productivity for Q1 (4:30 a.m.)
German ZEW Current Situation, Economic Sentiment for May (5 a.m.)
Preliminary Building Permits for April (8:30 a.m.)
Housing Starts, Completions for April (8:30 a.m.)
Fed’s Powell Speaks (10 a.m.)
Fed’s Kashkari Speaks (10 a.m.)
ECB’s Lane Speaks (10 a.m.)
Fed’s Rosengren Speaks (2 p.m.)
American Petroleum Institute Crude Oil Inventory Data (4:30 p.m.)

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