Third Time Still a Charm?… Monday isn’t exactly known as the most popular day of the week, but this recent streak is starting to make the weekends seem less exciting… AstraZeneca stepped up to the plate to make it 3 straight starts with vaccine data on the tape, but going even further back the last 10 Mondays have seen the S&P move at least 1% (7 up, 3 down). That means we have some work to do today to keep the streak alive, and even when futures were higher this morning it felt more like the vaccine data was a convenient excuse rather than a real reason behind the recent rush of enthusiasm behind stocks. Solid beats from November Flash PMIs (both Manufacturing and Services) added some juice shortly after the open, but it’s a been a bumpier ride since, with the S&P briefly turning red as weighty Tech space dragged indices down. Indices are attempting to regain steam now heading into the afternoon, and the Rotation/Reflation trade is clearly on display with Energy, Autos, and Banks leading while Tech lags along with Pharma feeling not quite so excited about the AZN news. Breaking the narrative is Semis: the sector keeps on rolling higher, this time as UMC’s (ADR +20%) plans to expand capacity show chip demand remains hot.
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