Approval of Johnson & Johnson’s (JNJ) vaccine, stabilizing bond markets, President Biden’s $1.9T stimulus package passed the House and is now in the Senate have brought out the stock market bulls after the S&P 500 fell 2.5% last week.
JNJ’s vaccine was approved by the CDC on Sunday. The vaccine is the third in the US. The 72% effective rate is lower than the other two vaccines, but it is a single shot vaccine which could greatly speed up the rate of vaccinations. JNJ said they would deliver 20 million vaccines to the US by the end of March.
Earnings include SM, NIO, INO, TZOO, and NVAX.
The economic calendar focus are manufacturing PMIs @ 9:45am ET and 10:00am ET. Fed speakers include Williams @ 9:00am ET and Brainard @ 9:05am ET. The ECB’s President Lagarde speaks @ 11:10am ET.
Volatility remains elevated and which should continue today.
Size bias is a divergent short into the US session open on relatively light Globex volume.