Apprehension And Irony

US markets felt apprehensive Thursday. If that's an accurate read, it's understandable. The timeline on virus relief is still ambiguous and election uncertainty pervades virtually every aspect of American life. Stimulus headlines were constructive for a third consecutive session, with the standard caveat that Nancy Pelosi and The White House are probably never going to be totally on the same page when it comes to aid for state and local governments. Additionally, Democrats still aren't enamored with the kind of sweeping, employer liability protections favored by some Republicans. But the real test will be what kind of reception any agreement between Mnuchin and Pelosi gets among Senate GOPers once it's on paper. Getting it through the House presumably won't be a problem. Based on what we know, passage in the Senate still seems unlikely. Small-caps outperformed handily Thursday. The Russell 2000 is on pace for its best month relative to the Nasdaq 100 since September of 2017. This is the second consecutive month that mega-cap tech has underperformed the small-cap gauge. Small-caps' outperformance is clearly tied to expectations of fiscal stimulus and the prospect of more spend
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4 comments on “Apprehension And Irony

  1. runamok says:

    The affair of the presidential debates might come to be seen as an anachronistic custom of the pre-COVID era. Not sure if they were destroyed because of animal spirit incarnated in the form of Trump, because we don’t really have interlocution in them any longer, or just because it’s an edifice, another empty institution, that only needed a nudge to topple.

  2. Mr. Lucky says:

    I was a committed and avid member of my collegiate debating team in the mid 1960s. As I observe what passes for “debate” today I realize that one more of life’s important human connections has gone by the wayside. Too boring for the self-centered society we have become. Besides, in a debate someone might bring up something that “offends” you because it makes you think about something other than yourself.

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