Even though the election is just over a week away, coronavirus concerns dominate the headlines. On Friday, the U.S. set a new record for most new coronavirus cases in a day. At 85,000, the new record is 10,000 cases higher than the one set on July 16, at the height of the virus’ second wave.
But while the coronavirus surge and news about the election and government stimulus may be dominating the headlines, the Reality Gap of the Week is that this week’s huge earnings reports may well end up overriding all these concerns. In fact, this is the biggest earnings week of the year, with many very important reports coming out in the most active earnings week of the quarter (more on those below).
But first, back to the virus – The UK, Spain, France, and Italy are all seeing spiking cases too, and are implementing new restrictions after loosening up over the summer. Even some Eastern European countries that avoided a surge of coronavirus cases back in spring, such as the Czech Republic and Poland, are now seeing huge spikes.