S&P 500 Futures, Dow Futures, Gold, Oil & Bitcoin Up Before the Bell

The S&P 500 Futures, Dow Futures, Gold, Oil & Bitcoin are all up this morning.  We expect yesterday’s same themes predominated overnight with rising bond yields amid risk-on flows. The $1.9 tln is a near done-deal as it’s expected to be approved by the House today. That and the accelerating distribution of vaccines is underpinning increased optimism on a robust recovery.

The reflation trade helped the Dow climb 0.97% to 31,802, but was off its 32,148 intraday high to start the week. Concurrently, the NASDAQ tumbled -2.4% on a rotation out of value. It is still too early to know if we are seeing a rotation away from Tech or just a dip.

Key Market Points:

• U.S. data calendar has weekly chain store sales, NFIB small business optimism
• Canada calendar quiet ahead of BOC announcement Wednesday
• Dollar receded with Treasury yields after posting fresh highs
• EGB yields declined with Treasuries, NASDAQ future led stocks higher
• German trade surplus widened as exports beat expectations
• Eurozone Q4 GDP growth unexpectedly revised down to -0.7% q/q
• U.S. data calendar has weekly chain store sales, NFIB small business optimism
• Canada calendar quiet ahead of BOC announcement Wednesday

Today’s calendar is quiet. The Treasury auctions $58.0 bln in new 3-year notes to begin this week’s $120 bln in coupon offerings. Data includes just weekly chain store sales and the February NFIB small business optimism index.

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