Strength in international markets helped the indices build upon yesterday’s midday rally in the overnight session. After the bell, all four indices are still higher by a decent margin. On the data front, Personal Income and Outlays came out about as expected (-7.1% vs. expected -7.2%), while we saw a small beat in Consumer Sentiment (84.9 vs. expected 83.3). Yesterday’s GDP reading also came in a bit better than expected (4.3% vs. expected 4.1%). We’ve got a decent amount of data next week, highlighted by the jobs numbers Thursday and Friday.
Coronavirus cases continue to build, but the market seems to have little concern. The fact that vaccines are becoming available to nearly everyone seems to have calmed the market’s nerves on that front. That said, we continue to hear about new stains, which may or may not lead to additional shut down measures globally. Some areas are much further along than others in rolling back restrictions like mask mandates, and we’ll be paying close attention to how things go for those areas. Stay safe and have a great weekend.