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What to Watch in the Markets: Coronavirus and Economic Data

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Wondering what to watch in the markets?

Kenny Polcari, senior market strategist at SlateStone Wealth, said that there's no shortage of macro data to watch, but also focus on the coronavirus numbers.

"Well, there's a lot of macro data coming out. We get GDP towards the end of the week. We got market PMIs tomorrow and services PMIs [Tuesday]. Those numbers are actually inching back up towards the 50 line, or at least that's the expectation. And 50 is kind of the neutral line, right? Anything above 50 is considered expansionary, below 50 is considered contractionary. We saw those numbers plunge into the high 20s over the last couple of months. It's now edging its way back to right at the 50 line. And I think [Tuesday], when we start to get that, that's going to be helpful to make sure that in fact it continues to move in the right direction. Away from that, we're getting a whole lot of other macro data this week, which is going to play a role in the conversation about, is the US economy ready to go? What's it feel like as we move through this reopening? And we see these spiking cases in certain parts of the country, like these hotspots, while in other parts of the country, we're seeing either a decline or no new cases at all, which is also very encouraging," said Polcari.

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You can follow Katherine Ross on Twitter at @byKatherineRoss.

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