Houston, We Have A : No, apparently we do not. This is becoming the spat that cried wolf, at least in terms of market reaction; which could turn out to be a big mistake. Word of the US closing the Chinese consulate in Houston (the first one when relations thawed way back when) caused a tiny ripple but equities have shrugged it off. Mega-cap techs are doing ok but nothing resembling Monday’s move. Talk of a stopgap deal from Washington that maintains the $600 weekly benefit has kept equities afloat, while Pfizer and BioNTech provided today’s vaccine hope after agreeing with the US gov’t on nearly $2bn worth of doses before its even been approved. The lack of broader market reaction suggests some skepticism may be creeping (speaking of boy that cried wolf!). Energy is a drag after crude stockpiles far surpassed expectations. S&P futures broke to the upside of the range and former resistance holding as support; encouraging if it continues to hold. What’s less heartening is small-medium cap names aren’t being favored as the big 3 seemingly take the day off.
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