Picking up the Pieces… Get knocked down, get back up again! Ok maybe it’s a bit premature to say that US equities are already moving past the absolute bruising taken yesterday (and Monday), but the market’s outlook is at least a little brighter today with a once in a blue moon mega-earnings slate on its way after the bell (more below). That optimism was a little shakier this morning, as futures pared overnight gains and slipped into the red at one point, but solid Q3 GDP data and jobless claims were enough to get the ball rolling again (along with some ECB commentary on a “recalibration” of stimulus in December), despite the fact the Covid second wave is clearly going to be an ongoing concern. Though backward looking, the data does seem to help the market feel better about the lack of pre-election stimulus – just for good measure US indices barely reacted to Trump’s mid-morning promise of “a very big package as soon as the election’s over” (that you Santa?). US indices are now at their sprinting higher heading into the afternoon, led by Tech and Media (again, earnings on the way), as well as Transports and Autos which are repairing some of yesterday’s damage as Ford (F +3%) and Aptiv (APTV +5%) both easily beat expectations. Pharma and Healthcare are lagging, with a disappointing outlook from Abiomed (ABMD -8%) the most noticeable culprit. Energy is faring well (Exxon higher by +3.7% after announcing job cuts) even as Crude continues its tumble – it’s especially interesting to note as many pointed to Oil early in the year as an indicator of the Covid damage that would come…
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