DAILY MORNING CHAI

Weekly Market Movement Wrap U.S. Indices Dow  +2.6%  to 28,654. S&P 500  +3.3%  to 3,508. Nasdaq  +3.4%  to 11,696. Russell 2000  +1.5%  to 1,576. CBOE Volatility Index  +1.9%  to 22.96. S&P 500 Sectors Consumer Staples  +2.4% . Utilities  -0.7% . Financials  +4.4% . Telecom  +4.8% . Healthcare  +1.% . Industrials  +3.% . Information Technology  +4.5% . Materials  +3.3% . Energy  +1.1% . Consumer Discretionary  +3.1% . World Indices London  -0.6%  to 5,964. France  +2.2%  to 5,003. Germany  +2.1%  to 13,033. Japan  -0.2%  to 22,883. China  +0.7%  to 3,404. Hong Kong  +1.2%  to 25,422. India  +2.7%  to 39,467. Commodities and Bonds Crude Oil WTI  +1.5%  to $42.96/bbl. Gold  +1.3%  to $1,973./oz. Natural Gas  +8.5%  to 2.655. Ten-Year Treasury Yield  -0.2%  to 139.27. Forex ...

Global equity markets are closing out the week on a mixed note. S&P Futures continued to pursue higher ground, pushing through the 3500 level. Spoos are currently up 0.3% to trade around the 3495 area. The overnight range widened compared to the last two nights with a high of 3509.50 and a low of 3485.25.  In Asia, the divergence between Japan and China continued with the Shanghai rising 1.6%, while the Nikkei sank 1.4%. The biggest news within the region was the announcement by Japan's Prime Minister Abe that he would resign due to health reasons. This caused the yen to spike higher and equities to fall. The Shanghai started out lower, but buyers stepped in after the first hour. The bid did not relinquish as the Chinese benchmark closed at the high of the day. In Europe, the major bourses are trading modestly lower. Weaker than expected German Consumer Confidence soured sentiment early on and the DAX has failed to recover. Financials are among the bright spots with Deutsche Ba...

  Slightly lower ahead of Fed Chair Powell's highly-anticipated address The S&P 500 futures trade four points, or 0.1%, below fair value ahead of Fed Chair Powell's speech on monetary policy, starting at 9:10 a.m. ET. The benchmark index has closed at a record high in each of the past four sessions.  This is a highly-anticipated speech, as reports indicate Mr. Powell could begin to outline a new framework in which the Fed adopts an "average inflation target." Roughly, this means the Fed could let inflation run past 2.0% yr/yr to balance out the years when inflation ran below 2.0%. The speech will be held virtually and is part of the Fed's annual Jackson Hole Economic Policy Symposium. On the corporate side, shares of  Abbott Labs  ( ABT  113.00, +9.81, +9.5%) are up 9.5% in pre-market action after its 15-minute COVID-19 antigen test was granted Emergency Use Authorization from the FDA. Abbott will sell this test for $5.  The search for a COVID-19 v...