E-mini S&P 500 (December): Settled 3299.25, up 24.25
E-mini Nasdaq-100 (December): Settled at 11,149.50, up 160.50
U.S. benchmarks finished strongly yesterday and the decisive move through major 3-star resistance in the S&P 500 index carried the tape to Friday’s settlement at 3316.
Price action is peeling back a bit ahead of the open after achieving the feat and the Nasdaq-100 index is about 0.75% from its overnight high. Flash PMI data out of Europe this morning was mixed, manufacturing was strong, but services unexpectedly contracted. We look to the U.S. reads at 8:45 a.m. CT. Day Fed Chair Jerome Powell and U.S. Treasury Secretary Mnuchin start their second day of testimony at 9:00 a.m. CT. Elsewhere on the calendar, Cleveland Fed President Mester spoke at 8:00 a.m. CT, she is a 2020 voter. Chicago Fed President Charles Evans, a 2021 voter, speaks at 10:00 a.m. CT, Boston Fed President Eric Rosengren is at 11:00 a.m. CT, and Fed Governor Randal Quarles is due at 1:00 p.m. CT. There is a 5-year U.S. Treasury Note auction at noon CT.
TikTok remains in the headlines; China’s state-run media has shown harsh disapproval of the deal which foreshadows a rocky road ahead. Traders must keep an ear to the ground as this develops and acts as a barometer for U.S.-China relations.
Nike is up 12% ahead of the bell after reporting an 82% jump in online sales. General Mills is up nearly 2% beating sales estimates. Banks in Europe are bouncing back a bit, led by Barclays +3.85%. HSBC and Deutsche Bank are each up about 2%.
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