US futures are trading higher this morning, up 0.78% for the S&P 500, as investors weight the Pfizer vaccine news and the expected recovery in the US economy versus the record high Covid-19 cases nationwide and expected lockdowns in Western Europe and expectations for more near term economy turmoil. EU markets are marginally higher and trading a lackluster narrow range session, up 0.25% for the leading EURSXX50 index while Asian markets closed mostly in the red, led by a 1.05% drop in the CSI 300. FX markets are trading a narrow range session as well, with very little market moving news on the agenda, the dollar index is at 92.87 this morning, down 0.15% and trading just above 2020 lows. Gold and Silver are sea sowing near the flat line as well, Gold trades higher by 0.32% at $1,879 per ounce while Silver is up 0.15%, trading at $24.14 per ounce. Oil prices are lower after the early week surge, trading down nearly 1.5% at the $40.44 level as investors fear more coronavirus shutdowns and lower traffic into the upcoming holiday season. Weekly inventories numbers increased by 4.3 million barrels, versus a drop of nearly one million expected by the API, further adding pressure on prices near term.
US Core PPI at 8:30 am and US Consumer Sentiment at 10:00 am are the important news on the agenda Friday, (all times EST).
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The NASDAQ 100 and S&P 500 futures are higher this morning, as investors optimism grows following the successful Covid-19 Pfizer vaccine trial.
Oil investors are in profit taking mood this morning as Covid-19 record numbers sweep the US and EU and following the 9% rally in Oil prices this week.
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