Pfizer has not one but two vaccine’s that are on the FDA’s fast track program. Not surprisingly, their shares are up pre-market, but the news is also boosting sentiment across the board, despite record setting virus numbers over the weekend. Stock futures are trading around 1% higher, but much of the focus remains on the tech heavy NASDAQ which has a tough act to follow following back-to-back weeks of 4% gains.
Florida set a one day record for new cases
for any state, with 15k new cases over the same weekend that saw the Magic Kingdom and other Disney parks open their now sanitized gates for the first time since March. If you haven’t seen this video announcing the re-opening
its worth a look. We’re not sure how the company that specialized is childhood fantasy could release something that seems so eerie and almost out of a horror movie.
Earnings week is kicking off this week with banks such as JPMorgan and Wells Fargo reporting. What’s different this time is that many companies pulled guidance last quarter leading to analysts flying blind with their projections. This has caused the dispersion of earnings estimates to widen by a significant margin. When the results roll in don’t be surprised to see an increase in volatility. Downside risks remain abundant including earnings, further virus outbreaks, higher savings and changed consumer behaviours until a vaccine is found.
Across the pond, European markets are trading higher ahead of Thursday’s ECB meeting and a gathering on Friday of EU leaders to discuss a regional recovery fund. The approval of joint fiscal stimulus in the EU may very well act as a positive catalyst for European equities.
Bond yields are higher and the U.S. dollar is weaker to start the week. Typical risk-on activity with stocks trading with a bullish bias. For now traders and Robinhood day traders alike are eager to buy on dips with 3000 S&P providing strong support.Statistics Canada
figures released Friday reveal an increase of nearly one million jobs in June (+953,000; +5.8%), which builds on an initial recovery of 290,000 new jobs in May. The two-month total represents just over 40% of the 3 million jobs lost in March and April. Despite this strong uptick, optimism surrounding the Canadian economy is limited as employment remains 9.2% below February levels. Ontario is set to detail Stage 3 of its reopening plan later today (1 p.m. ET) which will help shed light on job growth prospects in the interim.Diversion:
Think sports are going to be different without fans? Check out this alternative that was used at a Japanese baseball game. Click HereCakes that look like real objects
. Can’t say that all of these look all that appetizing, especially the one that looks like a human arm, but to each their own.