By Debby
U.S. stock futures moved higher in overnight trading on Sunday as markets indicated a rebound from a losing week.
Investors are weighing updates on the vaccine rollout as well as the coronavirus stimulus stalemate in Washington.
Source: Bloomberg
The upcoming week is expected to be market moving with Pfizer’s vaccine rollout and a Federal Reserve policy meeting. Tesla also joins the S&P 500 on Friday.
"We’re optimistically saying that we’re going to get through some of these hurdles near term and get to that 3,800 level by the end of the year,” Federated Hermes chief equity market strategist Phil Orlando told CNBC.
Weekly market recap
Global stock markets are coming off their first week of losses in six as U.S. lawmakers remain deadlocked in talks over further stimulus and the coronavirus continued to spread.
While both sides are closer than ever to agree on a price tag -- coalescing around a $900 billion figure -- there’s no sign they can get a deal anytime soon.
The major indexes slipped less than 1%, retreating from record highs.
Senator Joe Manchin, a West Virginia Democrat, said on Fox News Sunday that lawmakers will “have a bill produced for the American people tomorrow, $908 billion”.
Democratic and Republican lawmakers engaged in the talks have said they completed detailed proposals on small business help, vaccine-distribution funding and other key areas.
The sticking point is how to shield employers from virus-related lawsuits, a top demand of Senate Majority Leader Mitch McConnell.
Here's a look at the returns of S&P 500 sectors year to date:
Here's a look at U.S. equity size and style total returns year to date:
Source: jhinvestments
The week ahead in focus
Here are the most anticipated earnings releases, IPOs and economic events for the week ahead:
Notable companies reporting earnings this week include $Lennar Corp(LEN.US)$ Wednesday, $FedEx Corp(FDX.US)$ and $General Mills Inc(GIS.US)$ on Thursday, and $Nike Inc(NKE.US)$ and $MINISO Group Holding Limited(MNSO.US)$ on Friday.
Health care investors will also be tuning in to several investor days this week: $AbbVie Inc(ABBV.US)$ on Monday,$Eli Lilly and Co(LLY.US)$ on Tuesday, and $Centene Corp(CNC.US)$ on Friday.
An IPO frenzy is under way. The market was lit up with the IPO of $DoorDash, Inc.(DASH.US)$ and $Airbnb(ABNB.US)$, which even rekindled memories of the tech bubble and the stock market tumble that followed. Such fears are overblown.
For the coming week, notable IPOs include $(WISH.US)$, $BioAtla, Inc.(BCAB.US)$, $Upstart Holdings, Inc.(UPST.US)$.
Economic data out this week includes the Census Bureau’s retail sales data for November on Wednesday, weekly unemployment claims from Department of Labor on Thursday. On Friday, the Conference Board releases its Leading Economic Index for November.
Especially for readers preferring Chinese:
Source: CNBC, Jhinvestments, Barron