New lockdowns proliferate

New lockdowns proliferate

The week of Christmas is usually one of the quietest weeks of the year but that's not going to be the case in 2020.

March-style lockdowns in much of the UK and Canada and fear of a more-transmissible strain of the virus have led to a bit of a panic trade today.

Those fears may have hit an interim peak about 3 hours ago but it remains to be seen how New York reacts. S&P 500 futures are down 1.8%.

The US stimulus bill appears to be done but it's assuredly priced in. Late last week as headlines indicated it was very close, the market hardly budged and that's a tell.

The economic calendar isn't going to offer much direction. We get the Chicago Fed national activity index at the bottom of the hour and eurozone consumer confidence at 1500 GMT. Neither is a market mover.