Pandemic low jobless claims and strong corporate earnings fueled the S&P 500 to its largest up day in seven months. The five largest banks reporting so far this week had a collective $30 billion in profit for the third quarter. Goldman Sacs (GS) reports today.
Bitcoin topped $60,000 after reports said the SEC is ready to approve from ProShares and Invesco Ltd. ETFs linked to CME traded bitcoin futures. Bitcoin ETFs from VanEck and Valkyrie could be approved and available by the end of October.
Moderna (MRNA) is up premarket after the FDA recommended Moderna booster vaccine shots for seniors and at-risk Americans. The FDA is considering booster shots for the Johnson & Johnson (JNJ) vaccine.
The economic calendar includes Retail Sales, Empire Manufacturing, and Import Prices @ 8:30am ET, followed by UoM Consumer Sentiment and Business Inventories @ 10:00am ET. The NY Fed John Williams speaks @ 12:20pm ET.
The 8:30am ET Retail Sales numbers and corporate earnings which includes TFC, PNC, GS, and SCHW are expected to be the main catalyst for Friday’s markets.
Volatility ticked up on Thursday and remains elevated.
Size bias is a divergent short into the 8:30am ET numbers.