U.S. benchmarks are pointing to modest overnight gains after President Trump announced 4 executive orders over the weekend to extend unemployment benefits and defer payroll taxes. China is making waves at the onset of the week after arresting Jimmy Lai, a wealthy Hong Kong media mogul, on suspicion of collusion with foreign agents.
Nasdaq-100 futures closed at a fresh record high, and tech stocks accounted for the S&P 500’s resilience against one of the most famous technical levels in history; the scene of the crime gap close from February 21.
The People’s Bank of China said this morning that stimulus in the 2nd half of the year will be more targeted and flexible. Risk-assets then did what they’ve become accustomed to on stimulus news, rally.
Apple, Amazon, Facebook, and Alphabet slugged a grand slam after the bell yesterday. Premarket, the behemoths are +7%, +5%, +6% and unchanged respectively after beating top and bottom-line expectations.
It's Fed Day and the FOMC is expected to leave policy unchanged. Markets will be looking for Powell to reaffirm the Fed’s “do whatever it takes” narrative in order to bring the U.S. economy back from the depths of the pandemic.