From Bloomberg’s “Stocks Edge Down With Futures as Earnings Roll In” posted early Tuesday:
European stocks edged lower with U.S. equity futures as investors weighed a potential setback on progress toward a coronavirus vaccine ahead of a busy period for corporate earnings. The dollar and Treasuries advanced…
Markets are pausing for breath a day after the Nasdaq 100 surged to the biggest advance since April, powered by technology leaders including Amazon.com Inc., Apple Inc. and Twitter Inc. Amazon is gearing up for its Prime Day bonanza, and Apple for its event where it’s expected to unveil 5G iPhones. Earnings season also gets underway, with JPMorgan Chase & Co. and Citigroup Inc. reporting.
Meanwhile, prospects for a quick end to the stimulus stalemate in the U.S. may be fading with members of the House being told not to expect any action this week and many Senate Republicans rejecting the White House proposal for a deal. On the virus front, the Johnson & Johnson study halt was yet another sign that the race for a Covid-19 vaccine is bumpy.
My take: Still buying the rumor ahead of today’s event.