[Market Madness] Edition 0089
Sunday Recap
Another weekend in paradise
Well folks, a lot of the same followed us into the weekend and was held over our heads. Capitol Hill is working on putting together another relief bill to help the continued challenges faced by COVID 19. Donnie continues to take whacks at the CDC and the health community by excluding them and testing/tracing funding from the latest relief bill. Cases continue to rise at levels not seen since the beginning of the pandemic here in the U.S., but the topic of the virus has become more divisive among politicians and the population at large.
Consumers and businesses continue to hang in the balance of decisions made by those in charge. Down below, we will talk more about the bank’s opinions about what the future holds and how the c-suite is feeling about the outlook moving forward. Our favorite word comes back to the surface and is the warning Jamie Dimon (CEO of JP Morgan Chase) has for the U.S. economy moving forward: uncertainty.
Please enjoy today’s shorter piece as we prepare for the week ahead.
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Fundamentals
Friday Close:
Dow Jones: -0.23%
S&P 500: +0.29%
NASDAQ: +0.28%
US 10 YR: 0.620%
Crude OIL: $40.61
Market Madness Portfolio: +0.35% (since inception: +6.18%)
COVID 19 Global Cases: 14,313,657 (updated Sunday)
Indices Overseas:
FTSE 100: +0.63%
Nikkei 225: -0.32%
Hang Seng: +0.47%
TEDRATE: 0.14
LIBOR (3 month): 0.27175%
No help from the magic 8 ball
Both banks and business leaders are looking for any sign of safety or good news for the long-running future. Across the industry spectrum, leaders are not feeling the buzz from late March and into April are not going to make the cut, nor the recovery that anyone had truly been looking for. What was looking to be a “V-shaped” recovery is morphing into a Rorschach test that no two people see the same pattern. Experts continue to return to the drawing board to see what the next step in recovery or retraction will look like, but, as with everything lately, the estimates prove only marginally beneficial as information moves so quickly and changes so drastically from day to day.
Investor sentiment continues to swing between optimistic and pessimistic depending on the news regarding vaccines and cases. Information bounces quickly, with some signs of improvement seen in retail sales and consumer spending, but those data points moving forward are going to largely depend on what happens with the employment numbers and unemployment benefits to help those who are in states where rollbacks have started. These next few weeks will be really interesting to watch play out as Congress runs up against deadlines to make decisions that will impact the rest of the year and the continued economic recovery.
Further complicating matters are the other global conditions, including the same tensions we have been mentioning. As the title mentions, we are not getting any help from the good ‘ole magic 8 ball; please try again later.
Quick Takes
White House seeks to block funding for extended testing and tracing efforts in new stimulus package. (via CNBC)
Data security concerns rise in wake of Twitter hack. (via WSJ)
U.S. reports second day in a row of new COVID 19 cases over 70,000. (via CNBC)
Extended unemployment benefits set to expire at the end of this month, Congress stumbles toward a new resolution. (via WSJ)
What banks have to say about businesses: “Everybody is, bluntly, struggling.” (via WSJ)
Cloud business booms during work from home. (via FT)
Reader’s Corner
The editor has found some really good articles through FactSet that will help improve the quality of deliverables presented in these journal editions. More improvements to come!
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