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Market Opens Strong On Mnuchin Stimulus Comments, But Fades As Hits Resistance

Market Opens Strong On Mnuchin Stimulus Comments, But Fades As Hits Resistance

Equity markets opened strong this morning but have faded as short-term resistance levels came into play. Treasury Secretary Steve Mnuchin’s comments that he would always ‘talk’ with Democrats and ‘listen’ when it comes to more stimulus in the face of Congressional deadlock and executive orders by POTUS gave the markets an initial lift.

“The president is determined to spend what we need to spend. … We’re prepared to put more money on the table,” Mnuchin said in an interview on CNBC.

“Again, if we can get a fair deal we’re willing to do it this week.”

JOLTS job data for June showed many Americans ‘quitting’ their current employment to look for better work; the number beat expectations. This shows high turnover which is a positive.

Shares of Kodak (KODK) plunged after the government put on hold a loan to produce pharmaceutical ingredients in the United States after reports of impropriety with the CEO being granted options the day before the loan was announced.

Airline shares and Boeing (BA) rose as a bailout for the airline industry looks likely.

JOLTS Job Openings (Jun) printed at 5.889M vs 4.91M consensus estimate.

This weeks economic calendar is very light with earnings, stimulus negotiations, and relations with China to drive market direction.

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2 comments

Chinese fighter Jets Cross Taiwan Strait Median Line Amid US Official Visit - Globalist News | #Globalist August 11, 2020 at 12:59 am

[…] Market Opens Strong On Mnuchin Stimulus Comments, But Fades As Hits Resistance […]

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Energy Sends Inflation Higher To The Fed’s Delight…Trump May Cut Capital Gains Tax - Globalist News | #Globalist August 11, 2020 at 5:58 pm

[…] Market Opens Strong On Mnuchin Stimulus Comments, But Fades As Hits Resistance […]

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