Stocks set for muted open
S&P futures vs fair value: -5.90. Nasdaq futures vs fair value: +6.30. U.S. equity futures are pointing to a muted open, as the S&P 500 futures trade six points, or 0.2%, below fair value. The market has been unmoved by today's news flow. Briefly, Pfizer (PFE 36.76, +0.57, +1.6%) and BioNTech (BNTX 100.20, +5.27, +5.6%) said they will request emergency use authorization from the FDA today for their COVID-19 vaccine; Treasury Secretary Mnuchin declined to extend five lending programs funded by the CARES Act; and many retailers reported better-than-expected earnings reports. This week, cyclical stocks have outperformed their counter-cyclical peers by a noticeable margin despite more business restrictions, so it'll be interesting to see if this trend continues today. The futures market is sort of hiding its cards ahead of the open.