The futures traded lower for the third straight day on Wednesday, and despite an onslaught of positive earnings results and some excellent forward guidance so far, some external pressures are affecting an already very overbought market. A spike in the number of COVID-19 cases hit the travel industry this week. And while concerns over an outbreak of national protest after the George Floyd ruling had many investors on edge, at least for the time being things are calm after the verdicts.

Despite the near-term concerns, top strategists across Wall Street continue to point to the broad reopening of the economy, the tailwind from the stimulus package and those continued Federal Reserve pledges to keep interest rates contained as reasons for the continued moves higher in the equity markets. Also note that money markets…

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