Daily morning chai report.

The S&P 500 futures trade 18 points, or 0.5%, above fair value following yesterday's record-setting advances for the large-cap indices. The path of least resistance remains to the upside amid a lack of new negative catalysts. In macro-related news, the House passed a bill to increase the $600 stimulus checks to $2000 with a vote of 275-134 (44 Republicans voted in favor), which was expected, but reports indicate that it's still unlikely to pass in the Senate. The market will keep tabs on this situation for any change of heart among Senate Republicans. Today's economic data will be limited to the S&P Case-Shiller Home Price Index for October (Briefing.com consensus 6.9%) at 9:00 a.m. ET. Separately, Boeing's (BA 218.78, +2.69, +1.2%) 737 MAX is scheduled to return to flight for the first time since March 2019 after a lengthy period of ensuring its safety. American Airlines (AAL 16.24, +0.18, +1.1%) is expected to fly the aircraft this morning. U.S. Treasuries trade relatively unchanged. The 2-yr yield is flat at 0.12%, and the 10-yr yield is up one basis point to 0.94%. The U.S. Dollar Index is down 0.4% to 90.01. WTI crude futures are up 1.1%, or $0.50, to $48.12/bbl to bounce back from yesterday's decline. In U.S. Corporate news: Boeing (BA 218.78, +2.69): +1.2% amid news that American Airlines (AAL 16.24, +0.18, +1.1%) will be the first airline to restart 737 MAX flights. Continental Resources (CLR 16.69, +0.43): +2.6% after the stock was upgraded Overweight from Sector Weight at KeyBanc Capital Markets. Reviewing overnight developments: Equity indices in the Asia-Pacific region ended Tuesday on a mixed note. Japan's Nikkei: +2.7%, Hong Kong's Hang Seng: +1.0%, China's Shanghai Composite: -0.5%, India's Sensex: +0.6%, South Korea's Kospi: +0.4%, Australia's ASX All Ordinaries: +0.6%. In economic data: South Korea's December Consumer Confidence 89.8 (last 97.9) In news: Japan's Nikkei reached its best level in over 30 years. South Korea's President Moon Jae-in confirmed that there will be a third round of direct payments to individuals and small businesses, amounting to KRW9.30 trln. Xinhua reported that China's eight key ports have seen a 9.8% yr/yr increase in throughput between December 11 and December 20. Major European indices trade just above their flat lines while the U.K.'s FTSE (+2.1%) outperforms after yesterday's closure. STOXX Europe 600: +1.0%, Germany's DAX: +0.3%, U.K.'s FTSE 100: +2.1%, France's CAC 40: +0.4%, Italy's FTSE MIB: +0.1%, Spain's IBEX 35: +0.5%. There was no economic data of note In news: Ambassadors from the 27 EU states will formally approve the Brexit agreement today. The Federation of German Wholesale and Foreign Trade expects that the country's 2020 exports will be down more than 12% yr/yr. Tomorrow will be the last full trading day of 2020 as the U.K.'s FTSE will close early on Thursday while markets in Germany, Italy, and Switzerland will be closed on December 31. U.S. equity futures: S&P 500 Futures +16 @ 3743 DJIA Futures +130 @ 30435 Nasdaq 100 Futures +53 @ 12886 Overseas: Europe: DAX +0.3%, FTSE +2.1%, CAC +0.4% Asia: Nikkei +2.7%, Hang Seng +1.0%, Shanghai -0.5% Commodities: Crude Oil +0.56 @ 48.18 Nat Gas +0.021 @ 2.326 Gold +2.50 @ 1882.90 Silver -0.229 @ 26.310 Copper -0.0040 @ 3.5670 U.S. Summary: Earnings/Guidance (Full Earnings Calendar): No earnings news of note General News: House passes bill to provide $2000 stimulus checks with a vote of 275-134 (44 Republicans voted in favor), but it is unlikely to pass the Senate, according to Bloomberg Senator Marco Rubio (R-FL) says he will support $2K stimulus checks, according to The Hill House votes to override President Trump's veto on the national defense authorization bill President Trump's executive order banning US investors from buying securities controlled by China's military would apply to ETFs and index funds, according to Reuters President-elect Joe Biden says he encountered transition "roadblocks" from the current Defense Department, according to Politico UK coronavirus cases and hospitalizations have surpassed prior peaks despite lockdown measures, according to New York Times EPA finalizes first greenhouse gas emissions standards for aircraft AbCellera Biologics (ABCL): Peter Thiel discloses 5.3% stake -- 13D filing Alibaba (BABA): Ant Financial mulling creation of holding company, according to Bloomberg Alkermes (ALKS): FDA has acknowledged receipt of the company's NDA resubmission for ALKS 3831 for the treatment of adults with schizophrenia and adults with bipolar I disorder; PDUFA of June 1, 2021 American Airlines (AAL) will restart Boeing (BA) 737 Max flights, according to Reuters Amphastar Pharmaceuticals (AMPH) announces approval for glucagon for injection Kit, 1mg AstraZeneca (AZN): Watchdog says vaccine is not ready for EU approval, according to Reuters Essex Property (ESS) announces retirement of COO John Burkart, effective December 31; appoints CFO Angela Kleiman as next COO Eyenovia (EYEN) submits new drug application to FDA for pharmacologic mydriasis with MydCombi targeting 80 million patient encounters in the US annually Fiat Chrysler (FCAU) to invest EUR 2 bln to make electric cars in Poland, according to Reuters fuboTV (FUBO): Islet Mgmt discloses 7.44% stake -- 13G filing Lockheed Martin (LMT) awarded $1.3 bln Navy contract MediciNova (MNOV) receives notice of allowance for new patent covering MN-166 for the treatment of progressive MS Novo Nordisk A/S (NVO) files for EU regulatory approval of once-weekly semaglutide 2.0 mg for the treatment of type 2 diabetes Quanterix (QTRX) receives Emergency Use Authorization from FDA for semi-quantitative antibody test M&A: Avalara (AVLR) acquires German software company INPOSIA Solutions; Financial terms of the deal were not disclosed Caesars Entertainment (CZR) receives HSR clearance for proposed combination with William Hill Office Properties Income Trust (OPI) acquires office building in Fort Mill, SC for $35.1 mln Pluralsight (PS): shareholder Akaris Global sends letter to Pluralsight Board expressing concerns about proposed sale to Vista Equity Partners Vectrus (VEC) acquires Zenetex for $112 mln Syndicate: TAL Education (TAL) announces agreements with investor group for US$3.3 bln of private placement Vontier (VNT) files for 33,507,410 share common stock offering by selling shareholders IPOs: No IPOs expected to price Gapping Up/Down Gapping up: AMPH +12.5%, QTRX +5.9%, NVRO +4.4%, MNOV +4%, MRUS +3.9%, ABCL +3.5%, FUBO +3.4%, PS +2.8%, NVO +1.8%, TAL +1.4%, IVR +1.3%, GORO +1.3%, YSG +1.2%, IMAX +0.7% Gapping down: ARCT -27.3%, LYG -3.9%, VXX -1.2%, BCS -1.2%, DB -0.9% Analyst Research (see Upgrades/Downgrades calendarfor full list): Upgrades: Continental Resources (CLR) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $20 Downgrades: Arcturus Therapeutics (ARCT) downgraded to Mkt Perform from Outperform at Raymond James Arcturus Therapeutics (ARCT) downgraded to Equal Weight from Overweight at Barclays; tgt $46 Arcturus Therapeutics (ARCT) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $69 Others: 17 Education & Technology Group (YQ) initiated with a Buy at Goldman; tgt $21 Amgen (AMGN) initiated with a Buy at Daiwa Securities; tgt $300 Amphenol (APH) resumed with a Neutral at JP Morgan; tgt $138 BeyondSpring (BYSI) initiated with an Outperform at Evercore ISI; tgt $30 Caesarstone (CSTE) initiated with a Buy at The Benchmark Company Ormat Tech (ORA) initiated with a Buy at BofA Securities; tgt $96 Porch Group (PRCH) initiated with a Buy at The Benchmark Company; tgt $24 Seer (SEER) initiated with an Equal-Weight at Morgan Stanley; tgt $65 Seer (SEER) initiated with an Outperform at Cowen Seer (SEER) initiated with an Overweight at JP Morgan; tgt $75 Seer (SEER) initiated with a Neutral at BofA Securities; tgt $69 Sigilon Therapeutics (SGTX) initiated with an Equal-Weight at Morgan Stanley; tgt $45 Sigilon Therapeutics (SGTX) initiated with a Buy at Jefferies; tgt $60 Sigilon Therapeutics (SGTX) initiated with an Overweight at Barclays; tgt $48 Silverback Therapeutics (SBTX) initiated with a Buy at Stifel; tgt $58 Silverback Therapeutics (SBTX) initiated with a Buy at H.C. Wainwright; tgt $44 Silverback Therapeutics (SBTX) initiated with a Buy at Goldman; tgt $43 Splunk (SPLK) initiated with a Neutral at Daiwa Securities; tgt $189 Upcoming Events: Econ Data: 09:00 ET: October S&P Case-Shiller Home Price Index (Briefing.com consensus 6.9%; prior 6.6%) Earnings Monday (Dec 28) Morning: WB Afternoon: None of note Tuesday (Dec 29) Morning: None of note Afternoon: None of note Wednesday (Dec 30) Morning: None of note Afternoon: None of note Thursday (Dec 31) Morning: None of note Afternoon: None of note Friday (Jan 01) Markets closed for New Years Day Asia & Europe detail: Asia: Nikkei +2.7%, Hang Seng +1.0%, Shanghai -0.5% Equity indices in the Asia-Pacific region ended Tuesday on a mixed note. Japan's Nikkei reached its best level in over 30 years. South Korea's President Moon Jae-in confirmed that there will be a third round of direct payments to individuals and small businesses, amounting to KRW9.30 trln. Xinhua reported that China's eight key ports have seen a 9.8% yr/yr increase in throughput between December 11 and December 20. Economic data was limited: South Korea's December Consumer Confidence 89.8 (last 97.9) ---Equity Markets--- Japan's Nikkei: +2.7% Hong Kong's Hang Seng: +1.0% China's Shanghai Composite: -0.5% India's Sensex: +0.6% South Korea's Kospi: +0.4% Australia's ASX All Ordinaries: +0.6% ---FX--- USD/JPY: -0.2% to 103.63 USD/CNH: -0.2% to 6.5183 USD/INR: -0.2% to 73.38 Europe: DAX +0.3%, FTSE +2.1%, CAC +0.4% Major European indices trade just above their flat lines while the U.K.'s FTSE (+2.1%) outperforms after yesterday's closure. Ambassadors from the 27 EU states will formally approve the Brexit agreement today. The Federation of German Wholesale and Foreign Trade expects that the country's 2020 exports will be down more than 12% yr/yr. Tomorrow will be the last full trading day of 2020 as the U.K.'s FTSE will close early on Thursday while markets in Germany, Italy, and Switzerland will be closed on December 31. There was no economic data of note ---Equity Markets--- STOXX Europe 600: +1.0% Germany's DAX: +0.3% U.K.'s FTSE 100: +2.1% France's CAC 40: +0.4% Italy's FTSE MIB: +0.1% Spain's IBEX 35: +0.5% ---FX--- EUR/USD: +0.3% to 1.2250 GBP/USD: +0.4% to 1.3506 USD/CHF: -0.2% to 0.8871