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.
| DJIA F | 31,929 | 153 | 0.48% |
| S&P F | 3,857.00 | 37.7 | 0.99% |
| NASDAQ F | 12,560.00 | 262.75 | 2.14% |
| Gold | 1,704.80 | 26.8 | 1.60% |
| Crude Oil | 65.47 | 0.42 | 0.65% |
| Bitcoin | 53,938.00 | 204200 | 3.94% |
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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