Wednesday September 2, 2020 Trading Desk: (312) 236-8907
TODAY’S GAME PLAN: from the trading desk, this is not research
DATA/HEADLINES: 8:15ET ADP Employment; 10:00ET Factory Orders, Fed’s Williams speaks; 12:00ET Fed’s Mester speaks; 2:00ET Beige Book, Fed’s Kashkari speaks
The ADP National Employment report is expected to show private payrolls increased by 950,000 last month after a disappointing 167,000 rise in July. Nine Bank of England’s monetary policy committee members speak today.
TODAY’S HIGHLIGHTS:
- Michael Jordan taking an equity interest in DraftKings
- White House slams “corrupt” WHO after a US health official said a coronavirus vaccine might be approved without completing full trials
- Germany will not need another national lockdown over the winter to keep the coronavirus under control despite rising infections (Health Minister)
- Trump overtakes Biden as favorite to win in November: Betfair Exchange
- Protesters sue Kenosha claiming arrests, curfew violate U.S. Constitution
The rally in risk assets is extending from technology to raw materials shares and finding fuel in recent positive economic reports. Also feeding the positive mood were signs that Washington was moving closer to offering some fiscal stimulus support. White House chief of staff Mark Meadows said on Tuesday that Republicans in the Senate were likely to take up a COVID-19 relief bill next week offering $500 billion in additional federal aid.
EQUITIES:
US equity futures pushed upward as investors anticipated positive reports on jobs and the economy today. US stocks notched fresh records yesterday, with tech shares in the lead as investors snapped up work-from-home winners. High-flying shares of technology companies, seen as resilient to the hit from the coronavirus outbreak, are leading higher again in pre-market trading.
S&P 500 futures +0.6%, Nasdaq +1%, Russell 2000 futures +0.5, Dow futures are +0.5%.
