Mnuchin Enrages Futures Market…
Welcome to the Rude Awakening for Friday, November 20th.
Ending an interesting trading week, without any major rallies or selloffs…
The market opened up rather flat on the day.
Futures Roiled Last Night
Treasury Secretary Mnuchin announced that they would be pulling the plug on several Fed lending programs. This made the futures market panic.
But, in an announcement this morning, he tried to calm everyone’s fears, saying there’s still plenty of money around to provide funding where needed.
He said the decision wasn’t political, they’re just following congress’s lead.
But he remained steadfast in saying there is plenty of firepower in the Treasury.
Virus News Affecting Markets
Pfizer is requesting emergency authorization from the FDA, which is a positive driver.
However, this is countered with some negatives, like the case count continuing to hit new highs every day.
Plus, WHO came out and said Gilead’s remdesivir is NOT recommended by physicians.
Half a dozen other companies are working to get approval on their vaccines post clinical trials.
It does look like we’ll get a vaccine approved shortly, we just don’t know when, we don’t know if it will really work, and we don’t know if people will take it…
New Stocks to Watch
With that, we have some new stocks for your watchlist:
Niu Technologies (NIU), Arrowhead Pharmaceuticals, Inc. (ARWR), Warner Music Group Corp. (WMG), Baozun Inc. (BZUN), and Gilead Sciences, Inc. (GILD).
Almost all of these are reporting earnings before market open on Monday, Nov 23rd.
To find out why we are watching these…
Have a great, safe trading day.
We’ll talk again Monday.
Editor, Rude Awakening