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Economic Calendar - Top 5 Things to Watch This Week

EconomyDec 13, 2020 07:19AM ET
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© Reuters

By Noreen Burke

Investing.com -- It’s the last full week for markets before the Christmas holidays and it’s set to be a jam-packed one. The first doses in the U.S. COVID-19 vaccine campaign are due to be administered on Monday as the pandemic rages across the country. In Washington, Congress is still deadlocked about a pandemic stimulus package as the Federal Reserve prepares to hold its final meeting of the year. Tesla is finally set to join the S&P 500 just before the market close on Friday. Meanwhile, Brexit talks are down to the wire and if no deal is reached by Thursday the Bank of England’s final meeting of 2020 will be a must watch event. Here’s what you need to know to start your week.

  1. U.S. COVID vaccine campaign gets underway

The first doses of the vaccine developed by Pfizer (NYSE:PFE) and German partner BioNTech SE (NASDAQ:BNTX) will be delivered to 145 locations around the United States on Monday, marking a turning point in the pandemic that has killed more than 295,000 Americans.

Infections, hospitalizations, and deaths are soaring to record levels in the U.S., which has failed to mount a coordinated effort to slow the spread of the virus.

Healthcare workers and elderly people in long-term care facilities are expected to be the main recipients of a first round of 2.9 million doses.

Millions of Americans could begin getting vaccinated this month, especially if a second vaccine from Moderna (NASDAQ:MRNA) is approved rapidly. Other companies with vaccines in advanced development include AstraZeneca (NASDAQ:AZN) with Oxford University, and Johnson & Johnson (NYSE:JNJ).

  1. Stimulus deadlock

Investors are anxious to hear if more fiscal stimulus is coming as surging virus cases lead to fresh containment measures and business closures in many U.S. states.

But Congress missed another deadline on Friday to deliver a new fiscal aid package to help revive the economy. The Senate instead passed a stop-gap extension of government funding to allow more time for lawmakers to work out a larger spending package, including coronavirus relief.

A deal remains elusive after a months-long standoff between Republicans and Democrats over the size of the potential package. Over 13 million people are due to lose unemployment benefits on Dec. 26 without quick action by Congress.

  1. Fed meeting

The Fed is to hold its final monetary policy meeting of 2020 against the background of a faltering economic recovery.

The U.S. jobs report for November pointed to a loss of momentum in the labor market and the latest jobless claims data hit the highest since September amid fresh containment measures to curb the spread of the virus.

That may prompt policymakers to debate making changes to the bank’s asset purchase program or alter its forward guidance for future purchases, particularly as Congress continues to remain deadlocked over additional fiscal stimulus.

  1. Tesla to join the S&P 500

Tesla joins the S&P 500 on Friday and investors anticipate an epic trade of over $50 billion of the electric carmakers shares in the minutes before the close, as index funds adjust holdings to match the benchmark's rejig.

Adding Tesla to Wall Street's most followed benchmark will force index funds to buy its shares, while simultaneously selling shares of other S&P 500 constituents.

Tesla's stock market value stands at around $600 billion, and its shares are up 600% year-to-date.

Tesla (NASDAQ:TSLA) shares have surged 50% since November, when its index debut was announced. It is the world's most valuable auto company, despite having output that is just a fraction of rivals Toyota, Volkswagen (DE:VOWG_p) and General Motors (NYSE:GM).

Active funds, many of which have avoided Tesla, must now decide how much to own, if any. Portfolio managers have been calling JPMorgan analyst Ryan Brinkman for advice. His view? Tesla is "dramatically" overvalued.

  1. Brexit and the Bank of England

Brexit talks entered overtime on Sunday, with a chaotic no deal exit for Britain from the European Union when the transition period ends on Dec. 31 looking increasingly likely.

Prime Minister Boris Johnson has said there is "a strong possibility" Britain and the EU would fail to secure an agreement on trade.

No agreement by Thursday's meeting would mean the BoE will need to focus on increased risks to the economy and possibly open the doors for more stimulus and sub-zero interest rates.

When BoE policymakers announced a 150 billion pound increase in stimulus last month, they probably didn't anticipate acting again soon.

--Reuters contributed to this report

Economic Calendar - Top 5 Things to Watch This Week
 

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Comments (16)
Val Lange
Val Lange Dec 13, 2020 8:26PM ET
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Time to cash in before the Xmas.
Jay West
Jay West Dec 13, 2020 4:23PM ET
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Wait for dip in morning then buy DIS calls for friday. Short squeeze has just begun.
Jay West
Jay West Dec 13, 2020 3:47PM ET
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Tesla sell off this week. Smart money already bought in. Retail behind the 8 ball again.
James Bell
James Bell Dec 13, 2020 11:40AM ET
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no need for any further stimulus now that vaccine is available. next set of fears on the horizon will be Biden tax increases. better hope the Senate doesn't go to the dems.
Guidothekiller pimp
Guidothekiller pimp Dec 13, 2020 11:40AM ET
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Sounds like you only worry about yourself and you must make over 400k a year because that's the tax bracket targeted for a tax hike. Very self centered while almost 2000 people just where I live had there electricity cut off this past week. What a self centered dba g.
Bret Lafrance
Bret Lafrance Dec 13, 2020 11:40AM ET
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Govern for all citizens and achieve prosperity, govern for crony’s and achieve nothing for anyone
Roro Zoro
Roro Zoro Dec 13, 2020 11:40AM ET
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Guidothekiller pimp that is your government's responsibility to take care of the peoples. America have a lot of billionaires. What happen with them? Run away to Israel?
Guidothekiller pimp
Guidothekiller pimp Dec 13, 2020 11:40AM ET
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what are you talking about? You start out agreeing with me and then tell me to move to isreal. This is contradictory. I am fortunate enough to not need help but at least I am aware of those in need and not as self centered as this joke r. There are a lot of people out there that are going hungry with no electricity and this guy thinks everything is ok because he is living in a bubble.....By the way I'm not moving to another country like that. I like my hea d where it is.
Joe Lock
Joe Lock Dec 13, 2020 11:00AM ET
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Your next stimulus check will be your tax rebate
Hamza Haseeb
Hamza Haseeb Dec 13, 2020 10:59AM ET
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distribution of vaccine will drive gold down
New Jazenevd
New Jazenevd Dec 13, 2020 10:59AM ET
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Not necessarily.
Marco cuevas
Marco cuevas Dec 13, 2020 10:57AM ET
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My Tesla stocks are ready.
Jon Donson
Jon Donson Dec 13, 2020 10:57AM ET
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ready for what
Mike Goeldi
Mike Goeldi Dec 13, 2020 10:57AM ET
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to fall enjoy it until 21 december than this bubble gonna pop
Jay West
Jay West Dec 13, 2020 10:57AM ET
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I feel a selloff this week in Tesla. I sold last week at 624. I think most funds have been picking up shares premarket and after market. They are smarter than retail. Not required to buy on Friday but up until close on Friday. Flat at best, but I see a dip to 550 this week.
Cody Kueber
Cody Kueber Dec 13, 2020 10:57AM ET
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let unemployment run out...why give the ones who don't want to work more of a crutch.
Freddy Molina
Freddy Molina Dec 13, 2020 10:55AM ET
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Sounds like it's time to purchase more Tesla shares and dig deeper into the vaccine deal, which could be tricky and risky, but worth it.
DrFunkenstein hayson
DrFunkenstein hayson Dec 13, 2020 10:25AM ET
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don't need stimulus or lockdowns or vaccines. complete bs
Rajesh Kumar
Rajesh Kumar Dec 13, 2020 10:16AM ET
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I don’t understand anything in this article. No need for stimulus. Open the economy and let people to move freely. Once herd immunity develops and people are able to go back to work thanks will improve on it own.
New Jazenevd
New Jazenevd Dec 13, 2020 10:16AM ET
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You make it too simple and rational and, moreover, it does not leave room for politicians/government to grab more power.
Disfatt Bidge
Disfatt Bidge Dec 13, 2020 10:16AM ET
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More are retaliating, it will get interesting. Hearing rumors this second wave is also MSM BS, to maniplute people.
Tejpal Sandhu
Tejpal Sandhu Dec 13, 2020 10:16AM ET
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You see what is happening with economy restriction, can you realize what will happen if you open the economy, are your hospital and staff ready for that?
Christophins Treasures
Christophins Treasures Dec 13, 2020 10:16AM ET
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So, would you be willing to be a frontliner to replace the ones that will fall by the wayside when the Covid surge continues?
Kk love Akmel
Kk love Akmel Dec 13, 2020 10:12AM ET
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hiii whate is your name whate do you do my costemer where were you born
Mohammed Aziz
Mohammed Aziz Dec 13, 2020 10:11AM ET
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Greed will not help.
Mohammed Aziz
Mohammed Aziz Dec 13, 2020 10:10AM ET
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Time to book profits and take a back seat.
Kelly Mayer
Kelly Mayer Dec 13, 2020 9:44AM ET
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The advent everyone was waiting for ever since March has unfolded. Markets are set to rise at a likely historical jump on Monday and keep on rising as vacination carries on. Moderna about to be aproved by the FDA this week or the next aswell, and Johnson's vaccine about to come out. This is what everyone has been waiting for. Unless there someone with dark intents bycotts this, markets are about to soar. Enjoy the week of massive gains.
Show previous replies (1)
Patrick Berra
Patrick Berra Dec 13, 2020 9:44AM ET
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Forget about them gains if no stimulus deal is reached 😕
Tyler Keaton
Tyler Keaton Dec 13, 2020 9:44AM ET
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Kelly, if you think the market has been waiting to react to vaccines coming on line, I have some magic beans to sell you
Robert Pascall
Robert Pascall Dec 13, 2020 9:44AM ET
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Count me in! Why is Pfizer stock so Stagnent?
Styr Lotus
Styr Lotus Dec 13, 2020 9:44AM ET
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you touch yourself too much
Ed Kutch
Ed Kutch Dec 13, 2020 9:44AM ET
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and they are still blasting Trump because they didn't buy more Phifer drug....that needs -60° storage. what about the other drug makers??
New Jazenevd
New Jazenevd Dec 13, 2020 7:49AM ET
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Hard to call this week “jam-packed”. It will be just another week of sideways market with indexes moving back and forth in range.
Kannika Kredploy
Kannika Kredploy Dec 13, 2020 7:49AM ET
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What​ about​ gold???
New Jazenevd
New Jazenevd Dec 13, 2020 7:49AM ET
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Kannika Kredploy  Gold oscillates. Take it easy.
Iam Suleman
YesomiteSam Dec 13, 2020 7:49AM ET
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gold is gold, it will go down a bit than up a bit. it has more or less reached its peak.
 
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