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4w ago Managed Futures futuresmag Views: 305

In a tale of 3 indexes, the S&P 500 has recouped the losses from Thursday’s settlement and President Trump’s midnight announcement of contracting Covid-19. U.S. benchmarks were sharply lower after an eventful evening and ahead of Nonfarm Payrolls data. House Democrats marginally passed a $2.2 trillion Covid-19 aid bill last night; the problem being, it does nothing to get a deal done. Despite lower price action after the presidential debate, House Speaker Nancy Pelosi renewed a glimmer of hope early yesterday ahead of a self-imposed deadline tomorrow. U.S. benchmarks are paring the week’s gains after a heated debate between President Trump and former Vice President Biden; we didn't expect anything less.With tonight’s presidential debate in mind, U.S. benchmarks are peeling back from their overnight surge.We have another strong Sunday night session on our hands and U.S. benchmarks are picking up right where they left off Friday. U.S. benchmarks are again on their backfoot. All major sectors finished in the green yesterday except for healthcare. A narrative of ours is that “markets don’t like uncertainty.” In fact, we’re very bullish equity markets from these levels after the election, because regardless who wins there is either some certainty or less uncertainty coupled with accommodative Federal Reserve policy. Price action is peeling back a bit ahead of the open after achieving the feat and the Nasdaq-100 indexis about 0.75% from its overnight high. Flash PMI data out of Europe this morning was mixed.Today’s news is a great example as to the market paying attention to the headlines it wants; something we often discuss. If stocks haven’t already been vulnerable, or in a healthy correction pattern, we may not be seeing such damage across the banking sector weighing on the market broadly. -

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