All about the stim – Negotiations are still occurring on stimulus, and while the range narrows between Pelosi and Mnuchin, traders need to be mindful of Congressional approval. Stocks are trading with each headline, but a deal is not likely before the weekend, so the uptick in volatility will remain. The Beige Book showed that the economy improved across the board, so positives are there. Media is outperforming as it gets a lift from Twitter (+7.5%), Facebook (+4.9%) and Interpublic (+3.1%). With an uptick on UST yields (see below), Homebuilders (ITB -3.1%) are seeing some profit taking. Plus, a fresh Existing Home print is tomorrow morning (another high btw).
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