Global Stocks Slide As Attention Turns To Global Economic Shutdowns

Mon­day’s glob­al stock ral­ly unleashed by a 2nd round of covid vac­cine hopes this time cour­tesy of Mod­er­na, and which pushed the Dow and all major index­es to new record highs, fiz­zled on Tues­day as investors shift­ed focus back to the accel­er­at­ed near-term spread of the virus and the creep­ing shut­downs which are cer­tain to ham­mer the US econ­o­my. S&P futures dropped 0.5% or 20 points as New Jer­sey, Cal­i­for­nia and Iowa imposed fresh restric­tions as the num­ber of new US cas­es hit a record, and threat­ened to wors­en as the cold­er weath­er sets in. Nas­daq 100 futures were boost­ed by yet anoth­er rever­sal in the refla­tion trade, as well as a jump in Tes­la on the prospect of the elec­tric-car maker’s shares join­ing the S&P 500.

Curi­ous­ly, the same 3,600 “gam­ma wall” lev­el which we warned yes­ter­day would com­pli­cate a major push high­er in the S&P ahead of op-ex, is now serv­ing as a buffer to the down­side, and will lim­it loss­es. Sure enough, the Emi­ni ses­sion low so far today has been… 3,600.

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