Stocks Soar On Fresh Stimulus Flood Ahead Of Worst Unemployment Print In US History…HUH??

Just when it seemed that the record 40% rally from the March lows was coming to an end, as Treasury yields blew out and tech names rolled over on record volume, the euphoria came back with a vengeance, sending stocks around the globe and US futures surging as the delivery of both monetary and fiscal stimulus in Europe supplanted virus concerns and trade fears on the day the US is expected to report a record 19.1% unemployment rate (luckily, in “Jay’s market” trivia such as fundamentals does not matter).

On Thursday, the Nasdaq 100 became the first U.S. equity index to reclaim its all-time high, with the rebound driven partly by tech-related firms including Inc and Netflix. The broader Nasdaq Composite which is more closely watched than the Nasdaq 100, is just about 2% below its own record high, while the S&P 500 and Dow Jones indexes are 8% and 11% below their respective all-time highs.  The S&P 500 is on track for a third week of gains as VIX and V2X returned to the week’s lows, and the sliding dollar has fallen to the lowest since March, while Treasury yields jumped to 0.87%, rising above a key level of 0.84% that sees CTA turn short on Treasurys.

Boeing gained 4% premarket on continued optimism about a pickup in air travel a day after American Airlines Group Inc said it would boost its U.S. flight schedule next month. Vaccine maker Novavax jumped 14.9% after saying it would receive up to $60 million from the U.S. Department of Defense to fund manufacturing of its COVID-19 vaccine candidate.


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