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EDITOR'S NOTE
Wall Street could be in for more volatility next week as investors continue to focus on the increasing number of coronavirus cases and an impasse on U.S. fiscal stimulus negotiations.
A CNBC analysis of data from Johns Hopkins University and the U.S. Census Bureau found coronavirus infections are rising in 39 states, including New York, New Jersey and Wisconsin. Nationwide, the rate of new daily cases is at its highest level since August.
In Europe, several countries have reinstated stricter social-distancing measures as the seven-day average of coronavirus cases within the region surpassed that of the U.S.
"What this means is economic activity may slow down a bit, and we've already started to see some of that in the data," said Art Hogan, chief market strategist at National Securities, noting the weekly jobless claims numbers released Thursday show they've reached a point where "they're not going to get better; they're going to get worse."
Meanwhile, fiscal aid negotiations remain at an impasse, dwindling expectations that a deal will be reached before the election. This, coupled with the spikes in coronavirus infections, could lead investors to look past a strong corporate earnings season thus far.
"While it will likely be a record-breaking season for companies beating estimates, it's also going to be one that is largely ignored because there are so many other macro factors that are more important," said Hogan.
Also in this edition of the Weekend Brief, Mike Santoli breaks down the slow, but steady selling of equities by baby boomers to younger generations and what it means for the stock market.
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MICHAEL SANTOLI'S MARKET COLUMN
THE WEEK AHEAD
ACTIVIST SPOTLIGHT
YOUR WEEKEND BRIEFING
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