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Stock Futures Are Rising to Start the Final Trading Month of 2020 #CDC #ISMManufacturing #PMIManufacturing #Powell

Stock futures are rising to start the final trading month of 2020.  November’s surge in equities saw the Dow Jones Industrial Average record the best one-month performance in over 30 years despite uncertainty around the election results and a peaceful transfer of power.  As the world waits on a Covid vaccine approval, the CDC is meeting to discuss who should receive the initial short supply available with focus on health care workers and the elderly.  Later this morning, Federal Reserve Chair Jerome Powell will testify before the Senate Banking Committee as part of a mandatory CARES Act update.  On the data front, markets will get a look at the PMI and ISM manufacturing data for November as well as construction spending from October.  European stocks are solidly higher with materials stocks leading the gains.  Asian stocks closed higher, with Chinese stocks leading after a strong manufacturing report for November.

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U.S. Stock Futures Are Mixed on The Final Day of Trading For November #Moderna #ChicagoPMI #CovidVaccine

U.S. stock futures are mixed on the final day of trading for November.  November has been a strong month for stocks with the major U.S stock indices rallying double-digits for the month.  This morning, futures are off the morning lows after Moderna confirmed the effectiveness and safety of their Covid vaccine and will apply for emergency use authorization today. On the deal front, S&P Global has agreed to acquire analytics firm IHS Markit for $44 bln in stock.  Later this morning markets will get a look at Chicago PMI for November and pending home sales from October.  European stocks are off the morning lows as retail stocks lead the turnaround.  Asian stocks closed lower despite a stronger than expected manufacturing PMI reading out of China for November.

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U.S. Stock Futures Are Mixed After Data #JoblessClaims #DurableGoods #GDP

U.S. stock futures are mixed after data.  With markets being closed for Thanksgiving on Thursday, investors will get several data points to evaluate today.  First time claims for unemployment insurance is creeping higher, rising 30,000 last week to 778K.  New orders for durable goods rose more than expected, rising 1.3% in October.  The second look at Q3 GDP was unchanged at 33.1%.  On the trade front, the trade deficit for goods in October rose to -$80.3B in October.  Mortgage application rose 3.9% last week on strength in both purchases and refinancing.  Later this morning markets will get a final read on consumer sentiment for November as well as personal income and spending and new home sales from October.  Finally, at 2pm the FOMC will release the minutes from the November meeting.  Investors are not expecting a change in the nominal amount of Treasury purchases but will be looking for clues on the Fed extending the duration for new bond purchases.  European stocks are mostly lower with energy stocks giving back some of the strong gains from recent days.  Asian stocks closed mixed with Chinese stocks lagging the region.

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U.S. Stock Futures Are Higher as President Trump Approves The First Steps of Transition #ConsumerConfidence #Biden #SPY

U.S. stock futures are higher as President Trump approves the first steps of transition.  President Trump approved the cooperation with the Biden administration on the first steps of transition.  The President made it clear that he will continue to pursue legal action against fake ballots and in no way was this approval a concession.  President-elect Joe Biden will look to Janet Yellen as the next Treasury Secretary, a pick that will likely have support from both sides of the political aisle.  Later this morning market will get a look at home prices from September and consumer confidence for November.  European markets are higher with energy stocks leading for a second day.  Asian stocks closed mostly higher with Japanese stocks leading after market re-opened from a Monday holiday.

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U.S. Stock Futures Are Holding Gains on More Positive Covid-19 Developments #PMI #AstraZeneca #COVID19

U.S. stock futures are holding gains on more positive Covid-19 developments.  AstraZeneca is the latest pharmaceutical giant to announce positive data from late-stage trials of their Covid-19 vaccine.  AstraZeneca said they are seeing 90% efficacy when a half dose is followed by a full does one month later.  On the treatment front, Regeneron received emergency use authorization approval from the FDA for their COVID-19 antibody treatment.  On the data front, investors will get an estimate of private sector output for November when the flash Composite PMI is released later this morning.  European stocks are trading mostly higher with energy stocks leading.  French stocks lagged the region after the November composite PMI fell to 39.9.  Asian stocks closed higher with Chinese stocks leading the region.  Markets in Japan were closed on holiday.

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U.S. Stocks Are Trading Flat on The Day And For The Week #Pfizer #EliLilly #COVID19

U.S. stocks are trading flat on the day and for the week. There is little movement in stocks pre-market and stocks relatively unchanged on the week.  Yesterday's small gains brought the S&P 500 back near last Friday's close, with stocks trading in a fairly tight range for a second consecutive week.  This morning investors are weighing the rising tide of covid cases with positive developments on treatments and vaccines.  Today Pfizer will file an emergency use authorization with the FDA for their covid-19 vaccine and a Lilly/Gilead cocktail received emergency use authorization for the treatment of Covid.  With rising Covid cases across the country, the CDC is asking Americans to stay home for the Thanksgiving holiday to help prevent additional spreading. There is no economic data schedule for release today.  Overseas, European stocks are trading higher with energy stocks leading the way.  Asian markets closed mixed with Japanese stocks lagging the region.

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U.S. Stock Futures Are Mostly Lower After Losing Steam Late on Wednesday #Election #JoblessClaims #Coronavirus

U.S. stock futures are mostly lower after losing steam late on Wednesday.  News the New York City schools were closing for in-person learning and moving back full remote had investors take caution late on Wednesday.  This morning markets remain cautious and are trading mostly lower.  On the election front, Georgia officials are expected to release the results of their hand count today.  The results are expected to confirm Joe Biden’s narrow margin victory and will open the door for the Trump campaign to request a recount if the margin is within 0.5%.  On the data front, jobless claims rose by 31,000 to 742,000 last week, above expectations for 710,000 new claims.  The Philadelphia Fed Manufacturing survey cooled a bit in November from recent multi-year highs, but still managed to beat expectations.  Later this morning markets will get a look at existing home sales from October.  European stocks are trading lower, with energy stocks lagging, as coronavirus cases rise in the region.  Asian markets closed mixed with Chinese stocks leading the region.

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U.S. Stock Futures Have Turned Higher on More Positive COVID Developments #Pfizer #Housing

U.S. stock futures have turned higher on more positive COVID developments.  Despite rising Covid cases across the U.S., ongoing progress toward testing, vaccines and treatments have investors optimistic.  The FDA has approved an at home Covid test that will provide results in 30 minutes and costs $50.  The test is expected to be widely available in the spring of 2021.  Pfizer has updated the results of their Covid vaccine trials after review of the final data.  The company reported that the vaccine proved to be 95% effective across all ages, races and ethnicities.  On the data front, mortgage applications fell slightly last week as the rebound in purchases was offset by weakness in refinancing.  In other housing related data, housing starts rose more than expected in October, while permits were roughly in line with forecasts.  European stocks are trading higher with a re-opening theme.  Asian markets closed mostly higher, however, Japanese stocks closed lower on the day.  Japanese stocks were dragged down by automaker stocks as auto exports fell more than expected in October.

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U.S. Stocks Are Mostly Lower With Technology Shares Trying to Hold Gains #Tesla #RetailSales

U.S. stocks are mostly lower with technology shares trying to hold gains.  Shares of Tesla are leading technology shares higher after news that the company will join the S&P500 index in December.  Stocks lost some steam this morning after retail sales missed expectations.  Retail sales rose 0.3% in October and September sales were revised lower to 1.6% m/m.  In other data, both import and export prices missed expectations as import prices fell 0.1% and export prices rose 0.2% in October.  Later this morning markets will get a look at business inventories from September, industrial production from October and housing market conditions for November.  European stocks are mostly lower with travel and leisure stocks leading the decline.  Asian stocks closed mixed with Japanese stocks leading the region.  Australian markets re-opened on Tuesday after a software issue caused trading to be halted for most of Monday.

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U.S. Stocks Are Mixed as Technology Stocks Lag #Moderna #RCEP #EmpireManufacturing

U.S. stocks are mixed as technology stocks lag. Investors are shying away from technology and momentum names on Monday and buying some of the laggards that have been hardest hit from COVID.  News that preliminary data on Moderna's COVID vaccine is highly effective with no significant safety concerns has investors buying re-opening stocks.  Moderna's vaccine will remain stable at standard refrigeration temperatures for up to 30 days, in contrast to Pfizer's vaccine which required much colder temperatures.  On the data front, the Empire Manufacturing Index declined in November, missing consensus estimates.  European stocks are trading sharply higher with bank stocks leading.  Asian stocks closed higher after a trade deal was signed by several economies in the region to reduce trade tariffs in the region.  The Regional Comprehensive Economic Partnership (RCEP) covers about 30% of the global economy and includes China, Japan, South Korea, Australia and New Zealand.  

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U.S. Stock Futures Are Higher to End The Week #Election #Pfizer #Earnings

U.S. stock futures are higher to end the week. After a strong surge on Monday on news of Pfizer's vaccine data, stock have been relatively unchanged the remainder of the week.  U.S. stocks are gaining back much of yesterday's losses with the help of strong earnings reports.  Disney, Cisco and Applied Materials are a few of the company's helping to boost markets this morning.  President-elect Joe Biden has now been projected to win Arizona, raising his total to 290 Electoral College votes.  On the data front, headline producer prices rose more than expected in October.  Later this morning markets will get an early look at consumer sentiment for November.  Stocks in Europe are off the lows with utility stocks leading.  Stocks in Asia closed mostly lower with Chinese stocks lagging the region.
 
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U.S. Stock Futures Are Mostly Negative as Coronavirus Cases Rise #Coronavirus #CPI #JoblessClaims

U.S. stock futures are mostly negative as coronavirus cases rise. The U.S reported over 144k new cases on Wednesday, which has been steadily trending higher.  Locally, NY and NJ are imposing new restrictions to help slow the infection rate.  Dr. Michael Osterholm, coronavirus advisor to President-elect Biden, has stated his support for a 4-6 week nationwide lockdown to bring the virus under control.  Under his proposal the government would continue to cover lost wages of workers, small-medium size businesses and state and local governments.  On the data front, weekly jobless claims fell 48,000 to 709,000 last week, falling four weeks in a row.  On the inflation front, consumer prices were unchanged in October, below expectations of a 0.2% rise. European stocks are trading lower with bank stocks lagging.  Asian shares closed mostly lower despite a strong bounce in technology stocks.  Japanese stocks were able to buck the trend in Asian, managing to close higher on the day.

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U.S. Stock Futures Are Higher as Technology Stocks Rebound #Oil #Election #Technology

U.S. stock futures are higher as technology stocks rebound. Technology stocks have underperformed over the past few sessions as investors searched for value names.  This morning technology shares are seeing some flow as investors buy the dip in some of the large-cap tech names.  Oil prices are back near multi-month highs as enthusiasm grows for a COVID vaccine and treatment.  In the battle for the Senate, North Carolina has gone to Republican Thom Tillis, with current balance standing at 49 Republican and 48 Democrat.  The three seats remaining are Alaska and two run-off elections in Georgia for January 5th.  On the data front, mortgage application fell 0.5% last week as weakness in purchases outweighed the slight rise in refinancing.  Overseas, European markets are higher with utility stocks leading.  Weakness in technology shares led Chinese markets lower, however, Japanese stocks saw solid gains on the day. 
 
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U.S. Stocks Are Mixed as Technology Shares Lag #DJIA #JOLTS

U.S. stocks are mixed as technology shares lag. After positive vaccine data from Pfizer on Monday, investors sold momentum names and bought out-of-favor sectors like energy, travel & leisure and financials.  This rotation looks like it will continue today with the Dow Industrial Average futures higher and Nasdaq futures lower.  More positive COVID news this morning as Eli Lilly announced that their antibody treatment received emergency use authorization approval from the FDA for use in non-hospitalized, mild-to-moderate patients over the age of 12.  On the data front, markets will get a look at job openings and labor turnover from September when the JOLTS report comes out later this morning.  European stocks are trading higher with bank stocks leading the rally.  Asian stocks closed mixed with Chinese stocks lagging the region.

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U.S. Stock Futures Are Higher as Biden Becomes President-Elect And Pfizer Announces Data From Their Phase 3 COVID Vaccine Trial #Pfizer #Vaccine

U.S. stock futures are higher as Biden becomes President-Elect and Pfizer announces data from their phase 3 COVID vaccine trial.  Stocks were off to a good start after the presidential election was called for Joe Biden, despite President Trump's unwillingness to concede.  Stocks took another leg higher and Treasury yields surged after Pfizer announced that their coronavirus vaccine showed more than 90% effectiveness at preventing COVID-19 in early data from their phase 3 COVID vaccine trial and will soon seek Emergency Use Authorization from the FDA.  Technology shares are lagging as investors rotate to re-opening themed stocks that have underperformed the recent market rally.  European stocks also surged on Pfizer's vaccine news with several markets higher by 4-5%.  Asian stocks closed higher with Japanese stocks leading the region.

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U.S. Stocks Are Lower After Four Straight Days of Strong Gains #Employment #Election

U.S. stocks are lower after four straight days of strong gains. Markets have rallied in excess of 1% for four days in a row as the range of possible political scenarios narrows.  In the race for the White House, Joe Biden continues to gain ground after taking a slight lead in Georgia and narrowing the deficit in Pennsylvania.  Stock futures have bounced off the lows and Treasury yields are rising after a stronger than expected employment report.  The Labor Department reported that non-farm payrolls rose 638,000 in October, above estimates for a 575,000 gain.  The unemployment rate fell to 6.9% with the labor force participation rate rising to 61.7% as more people go back to work.  Of those going back to work, the leisure and hospitality sector saw strong gains with more than 270,000 job gains in the month.  On Thursday the FOMC left monetary policy rates unchanged and noted that economic activity remains well below pre-pandemic levels and highlighted the need for fiscal stimulus.  European stocks are lower on the day with automotive stocks leading lower after German industrial output missed expectations in September.  Asian stocks closed mostly higher with Japanese stocks leading the region.

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U.S. Stock Futures Are Higher As Markets Price-In The Potential For More Help From Central Banks #Election #FOMC

U.S. stock futures are higher as markets price-in the potential for more help from central banks. U.S. stocks are rallying, the U.S. dollar is weakening and Treasury yields are falling as investors weigh the potential for smaller fiscal stimulus and additional help from monetary policy.  Investors will get additional insight on monetary policy later today when the FOMC announces their latest policy decision.  The Fed is expected to leave rates unchanged and remain accommodative, but will likely stress the need for additional fiscal policy aid.  Markets rallied yesterday as it seemed more likely that the Republicans may hold the Senate, reducing the likelihood of aggressive tax hikes if Joe Biden was to be elected.  With Joe Biden leading the electoral vote count, President Trump is moving forward with legal action in Pennsylvania, Michigan and Georgia on vote counting procedures.  On the data front, weekly jobless claims were unchanged from the prior week at 751,000.  Weekly claims have been steadily below 1M since late August but seemed to have level off in the mid 700,000’s.  European stocks are trading higher with technology stocks leading higher.  Asian stocks closed higher with Hong Kong stocks surging more than 3% to lead the region.

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And The Winner is…Technology Stocks! #Election #QQQ

And the winner is…technology stocks!  Technology stocks are leading the tech-heavy Nasdaq higher this morning with Nasdaq futures gaining more than 3% pre-market.  Technology stocks seem to be making-up for the recent underperformance in the week leading up to the election.  With several states too close to call, President Donald Trump has already made his dissatisfaction known for the continuous counting of ballots after the election and has vowed to go to the Supreme Court for resolution.  While the next president remains an unknown, the chances of the Democratic Party getting a majority in the Senate seems to be unlikely at the moment.  There is a good chance that regardless of who the next president is, they will be somewhat handicapped by a mixed Congress.  On the data front, private payrolls rose 365,000 in October, well below estimates for a 600,000 rise.  The majority of job creations came from a bounce back in the services industry which has been hardest hit by the pandemic.  Later this morning markets will get a more detailed look at the services sector when the Market services PMI and the ISM services index is released for October.  European stocks are trading higher with healthcare stocks leading.  Asian stocks closed mixed with Japanese shares leading the region.

 

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U.S. Stock Futures Are Higher as America Goes to The Polls #ElectionDay #FactoryOrders

U.S. stock futures are higher as America goes to the polls. While nearly 100 million voters have already cast their vote, many will head to the polls in person today in what is shaping up to be a close race.  Recent polls show that Joe Biden's lead has narrowed in several key swing states but maintains a healthy lead nationally.  Investors will also be watching to see if the Senate will stay with a Republican balance and what that could mean for any new stimulus package in the near-term.  Treasury yields continue to grind higher with the 10-year Treasury yield hitting 0.875%, the highest level since June.  Oil prices are trying to stabilize after reversing early losses to close higher on Monday and gaining again today.  On the data front, later this morning markets will get a look at factory orders from September and October motor vehicle sales. In Europe, stocks are trading higher with materials stocks leading all sectors higher.  Asian stocks closed broadly higher with Hong Kong stocks leading the region.

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U.S. Stock Futures Are Higher to Start November #Manufacturing #SPY

U.S. stock futures are higher to start November. In what is likely to be a volatile week for U.S markets, stocks are starting on a good note with futures rising around 1% in the early going.  As presidential candidates squeeze in last minute campaigning, the focus remains on important swing states with the President will visiting Pennsylvania, North Carolina, Michigan and Wisconsin and Joe Biden spending time in Pennsylvania in the final hours.  On the data front, market will get a look at manufacturing data from October when the ISM and PMI manufacturing data is reported later this morning.  European stocks are trading higher with materials stocks leading higher after euro zone PMI rose to 54.8 in October.  Asian markets closed higher after Chinese manufacturing data showed continued expansion.

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U.S. Stock Futures Are Lower as Markets Digest Earnings #Earnings #ConsumerSpending

U.S. stock futures are lower as markets digest earnings. Some of the largest companies in the U.S. reported earnings after the bell yesterday, including Apple, Amazon, Facebook, Twitter and Alphabet.  Mixed stock reactions after earnings as investors weigh results and mixed guidance.  Also weighing on sentiment this morning is a record number of daily coronavirus cases reported in the U.S. on Thursday.  On the data front, personal income and spending were both higher than expected in September, rising 0.9% and 1.4%, respectively.  Inflation was in line with expectations with core PCE rising 0.2% m/m.  Labor costs rose 0.5% in Q3, in line with expectations.  Later this morning markets will get a look at Chicago PMI and a final read on consumer sentiment for October.  Stocks in Europe are mostly lower as coronavirus cases rise in the region.  On the data front, euro zone GDP rose 12.7% in Q3 as estimated by the EU statistics office.  Asian stocks closed lower with South Korea stocks lagging the region as Apple suppliers weighed on the index after Apple earnings.

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U.S. Stock Futures Are Mixed After Data #GDP #Employment

U.S. stock futures are mixed after data. Stocks were trying to bounce after yesterday’s rout, however, markets have faded throughout the morning.  Futures are getting a small bounce after the Commerce Department reported that Q3 GDP rose 33.1%.  With the sharp Q3 rise, the domestic production has regained about 70% on the first half decline.  Jobless claims fell by 40,000 last week to 751,000, roughly in line with expectations.  Later this morning markets will get a look at pending home sales from September.  In Europe, stocks are lower as investors await the latest ECB rate decision due out this morning.  Asian stocks closed mostly lower with Australian stocks lagging the region.

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U.S. Stock Futures Are Lower as Rising Coronavirus Cases Spook Investors #Trade #SPY

U.S. stock futures are lower as rising coronavirus cases spook investors. With U.S. coronavirus cases and related hospitalizations rising, travel and leisure stocks are leading markets lower.  In the Chicago area, Governor Pritzker has reinstated indoor dining restrictions beginning this Friday to try to slow the recent uptick in new cases.  On the data front, mortgage applications rose 1.7% last week as refinance volume picked up.  On the trade front, the U.S. goods trade deficit narrowed in September to -$79.4B, below estimates of -$83.1B.  European stocks are trading sharply lower, with auto stocks lagging, as coronavirus cases rise across the continent.  Asian stocks closed mixed with Chinese stocks leading the region.

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U.S. Stock Futures Bouncing After Sharp Declines to Start the Week #SPY #DurableGoods

U. S stock futures bouncing after sharp declines to start the week. U.S. stocks declined in excess of 1.5% yesterday as rising coronavirus cases had markets on edge.  This morning futures are rising on earnings and takeover news.  In the semiconductor segment, AMD has agreed to acquire Xilinx for $35B in an all stock deal.  On the data front, new orders for durable goods rose more than expected in September, rising 1.9% against expectations for a 0.4% advance.  Later this morning markets will get a look at home prices from August and consumer confidence for October.  After being confirmed by the Senate early in the day, Justice Amy Coney Barrett was sworn in as the newest Supreme Court judge in a ceremony on the South Lawn of the White House. In Europe, stocks are mostly lower with retail stocks lagging.  Asian stocks closed mixed with Chinese shares outperforming the region on a late day move higher.

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U.S. Stock Futures Are Lower Ahead of a Big Week For Earnings #Earnings #SupremeCourt

U.S. stock futures are lower ahead of a big week for earnings. Nearly 170 S&P 500 companies will report earnings this week, marking the largest week for earnings reports for Q3.  Some of the big names to report this week include Apple, Microsoft, Alphabet, Amazon, Facebook, Boeing, MasterCard and Caterpillar.  Of the 27% of SP500 companies that have already reported earnings, 84% have beat the consensus estimate by an average of 17.2% according to Factset.  Later this morning markets will look to see if September new home sales can beat estimates for the sixth month in a row.  Analysts are expecting September new home sales to come in at a 1.016M annualized rate.  Today the Senate is expected to vote to confirm Amy Coney Barrett to fill the seat of the late Justice Ruth Bader Ginsburg on the Supreme Court.  European markets are lower with technology shares getting hit the hardest on a weaker outlook from German software company SAP.  Rising coronavirus cases has several European countries taking action to help slow the resurgence.  Asian stocks closed mostly lower, however, Chinese stocks outperformed the region.

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U.S. Stock Futures Are Slightly Higher to End The Week #Remdesivir #Election2020

U.S. stock futures are slightly higher to end the week. Equity markets continue to display indecision as this mornings rise in the S&P 500 futures has brought the index back to near unchanged on the week.  Weighing corporate earnings, stimulus negotiations, coronavirus treatments and presidential polls have stocks gyrating around unchanged for the past two weeks.  The U.S. FDA has approved Gilead’s remdesivir as the first treatment for coronavirus in the U.S. as the treatment has been shown to shorten recovery time in hospitalized patients.  In the final debate prior to election day, the two candidates were more controlled and focused on policy.  Former Vice President Joe Biden focused on the failed efforts of the Trump administration to manage the pandemic, while President Trump drove home the idea that Biden was in office for eight years and failed to act on current ideas.  On the data front, markets will get a early look at private sector output when the PMI composite flash is released later this morning.  European stocks are trading higher with bank stocks rallying after a stronger than expected earnings report from Barclays.  Asian stocks closed mixed with Chinese stocks lagging the region.

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U.S. Stock Futures Are Lower Ahead of Final Presidential Debate #Employment #PresidentialDebate

U.S. stock futures are lower ahead of final presidential debate. Later this evening President Trump and former Vice President Joe Biden will face-off in Tennessee for the final debate before election day.  In tonight’s debate, moderator Kristen Welker will have the ability to mute each candidates microphone to avoid the disorder that occurred in the first debate.  On the data front, initial jobless claims beat expectations, falling 55,000 from the prior week to 787,000.  Initial jobless claims have now been below 1M for 8 consecutive weeks and are at the lowest level since March.  Later this morning markets will get a look at existing home sales from September.  European stocks are mixed with travel & leisure stocks leading and healthcare stocks lagging.  Asian stocks closed mostly lower, however, stocks in Hong Kong were able to close slightly higher.

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U.S. Stock Futures Are Off The Morning Highs as The Stimulus Deadline Approaches #Stimulus #Housing

U.S. stock futures are off the morning highs as the stimulus deadline approaches. Stocks are trying to bounce back from yesterday's 1.5% decline as U.S. stock futures are holding on to small gains this morning.  Reports that Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi made progress on stimulus talks on Monday with discussions schedule to resume today is helping sentiment.  Adding optimism this morning is news that Moderna's Covid-19 vaccine could receive emergency use authorization as soon as December.  On the data front, housing starts missed expectations in September, however, future activity looks positive with building permits beating expectations.  European stocks are mixed, with German stocks lagging, as investors weigh rising corona virus cases in Europe and U.S. politics.  Asian stocks closed mixed with Japanese stocks trailing the region.
 
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U.S. Stock Futures Are Higher on Stimulus Optimism #Stimulus #SPY

U.S. stock futures are higher on stimulus optimism. Speaker of the House Nancy Pelosi has given the Trump administration 48 hours to reach a stimulus deal prior to the election.  The two sides are expected to speak again today to see if they can continue narrow their differences on key sticking points.  Later this morning markets will get a look at home builder sentiment for October, with little change expected from September.  Fed Chair Jerome Powell spoke this morning at the IMF on cross-border payments and digital currencies.  The Fed Chair stated that the Federal Reserve continues to evaluate the benefits of a digital currency but has not yet made a decision about issuance.  European markets are off morning highs as concerns over rising coronavirus cases hits sentiment.  Asian stocks closed mostly higher, however, mainland Chinese stocks lagged the region after Q3 GDP missed expectations.

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US Futures Are Up This Morning After Retail Sales Data for September Came in Better Than Expected #Retail #COVID #EUA

U.S. futures are up this morning after retail sales data for September came in better than expected. Retail sales rose 1.9% in September compared to prior estimates of a 0.7% rise and up from a 0.6% rise in August.  The positive retail sales data along with Pfizer’s vaccine data is giving futures a boost as markets look to break a 3 day losing streak.  Last night, Pfizer’s CEO issued a public newsletter where he lays out a potential timeline for their COVID vaccine which he estimates a possible late November EUA filing.  EUA is an emergency use authorization from the FDA which may be used in order to get treatments/vaccines out to the public market in pandemic scenarios similar to what we are facing now with COVID.  The transparency from Pfizer was well received by markets.  Markets in Europe are trading higher led by the FTSE as they track US futures.  Asian markets closed mostly lower with the Nikkei leading the way down.

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U.S. Stock Futures Look to Extend Two-Day Losing Streak #Manufacturing #Employment

U.S. stock futures look to extend two-day losing streak. U.S. markets are holding losses premarket after mixed economic data.  Jobless claims rose slightly more than expected last week, rising by 53,000 to 889,000.  Fed manufacturing surveys revealed mixed data as the Philadelphia Fed Manufacturing index beat expectations, while the Empire State manufacturing index missed forecasts for October.  Lastly, import prices rose in line with expectations in September, while export prices beat expectations.  European stocks are trading lower with technology shares lagging.  Asian stocks closed lower with Hong Kong stocks lagging the region.

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U.S. Stocks Are Mostly Flat Pre-Market as Bank Earnings Continue #PPI #BankEarnings

U.S. stocks are mostly flat pre-market as bank earnings continue. Mixed results in the banking sector has Goldman Sachs and US Bancorp trading higher on strong reports, while Bank of America and Wells Fargo retreat after earnings.  Mortgage applications fell slightly last week despite a new record low of 3.0% for the 30 year conforming loan.  The Bureau of Labor Statistics reported that producer prices rose more than expected in September, climbing 0.4% m/m.  European stocks are gyrating around unchanged with bank stocks higher and travel and leisure stocks lagging.  Asian stocks closed mixed with Chinese stocks lagging the region.

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U.S. Stocks Are Mixed After Strong Gains to Start The Week #QQQ #BankEarnings #IMF

U.S. stocks are mixed after strong gains to start the week. The Nasdaq led markets higher on Monday, rising 2.5% as large-cap technology names surged.  This morning the Nasdaq is leading once again in the pre-market, while S&P 500 and Dow futures are lower.  Earnings season is off to a good start with JPMorgan, Citi and Johnson & Johnson all reporting better than expected results.  On the data front, consumer prices rose 0.2% in September, matching economist forecasts.  The IMF has revised their estimates for global GDP in 2020 to -4.4% from -4.9% as advanced economies bounced back more than expected in Q2.  In Europe, stocks are trading lower with bank stocks leading the decline.  Asian stocks closed mostly higher with Australian stocks leading the region.  On the data front, Chinese exports were strong in September, rising 9.9% year-over-year.

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U.S. Stock Futures Are Rising as Technology Shares Rally #QQQ #Earnings

U.S. stock futures are rising as technology shares rally. Last week saw stocks move sharply higher as the election inches closer and talks of stimulus re-emerge.  Nasdaq futures are surging this morning as strength in Apple and Amazon help to lift the index ahead of Apple’s expected 5G phone launch and Amazon’s annual Prime Day event on Tuesday.  This week bank stocks will kick-off earnings season with JPMorgan, Citigroup, Wells Fargo, Bank of America, Goldman Sachs and Morgan Stanley all reporting this week.  The Senate Judiciary Committee will begin confirmation hearings today for Supreme Court nominee Amy Coney Barrett.  There is no economic data scheduled for release today.  European stocks are higher with strength in technology shares.  Asian stocks closed mostly higher with Chinese stocks leading the region.

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U.S. Futures Are Higher This Morning as Investors Focus on Stimulus Talks #Stimulus #PMI

U.S. futures are higher this morning as investors focus on stimulus talks. Reports of Nancy Pelosi having a 40 minute conversation yesterday with Treasury Secretary Mnuchin gave markets a boost.  The notion Mnuchin made is that the President was very interested in making a comprehensive deal and this was after Pelosi had stated they aren’t interested in a partial package.  European markets are slightly higher as they track the US futures and developments in their stimulus talks.  Markets in Asia closed mixed with most markets closing lower while the Shanghai composite closed higher after being closed for holiday.  A strong Caixin/Markit Services PMI for China helped boost investor sentiment.  No major economic data is due out today.

 

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U.S. Stock Futures Are Higher After a Strong Bounce on Wednesday #JoblessClaims #VPDebate

U.S. stock futures are higher after a strong bounce on Wednesday. One day after stocks dropped on the halt to stimulus talks, markets came roaring back yesterday, gaining nearly 2%. This morning stocks are picking up where they left off yesterday, rising another 0.7% pre-market.  Last night Vice President Mike Pence faced-off with Senator Kamala Harris in the one and only vice presidential debate for 2020.  The candidates debated the Trump administrations handling of the corona virus, the state of the economy, the Supreme Court, climate change and more.  Both candidates came across passionate, however, it is unlikely that either one moved the needle on the current polls.  The Commission on Presidential Debates announced today that the next presidential debate will be held virtually on October 15th, however, shortly after the announcement President Trump announced that he will not participate in a virtual debate.  On the data front, 840,000 Americans filed a first time claim for unemployment insurance last week, roughly in line with estimates.  Stocks in Europe are trading higher with travel and leisure stocks leading.  Asian shares closed mostly higher, however, Chinese stocks lagged the region.

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U.S. Stock Futures Are Higher Following a Late-Day Rout on Tuesday #FOMC #VPDebate #QQQ

U.S. stock futures are higher following a late-day rout on Tuesday. Stocks dropped late on Tuesday after President Trump announced that he will halt stimulus talks until after the election.  This morning futures are recuperating some of yesterday’s losses after additional tweets from the President indicated that he was in favor of $1,200 stimulus checks and additional aid for the airlines.  Later this evening Vice President Mike Pence and Senator Kamala Harris will dispute policy in the one and only vice presidential debate in Salt Lake City.  On the regulatory front, the House antitrust subcommittee concluded that Apple, Amazon, Facebook and Alphabet have a monopoly on portions of their segment and are looking to Congress to update antitrust laws and take action against these companies.  The recommended actions do not include a full break-up of companies, but could include spinning-off parts of their business.  On the data front, mortgage applications rose 4.6% last week as strength in refinancing outweighed a slight decline in purchases as mortgage rates hit record lows.  Later this afternoon investors will get additional color around Fed policy when the FOMC releases the minutes from their September meeting.  Markets in Europe are mostly lower with financial stocks lagging.  Asian stocks closed mixed with Chinese stocks lagging after reopening from holiday.

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U.S. Stock Futures Are Mixed After Strong Gains to Start The Week #JOLTS #Trade

U.S. stock futures are mixed after strong gains to start the week. U.S. stocks rallied nearly 2% on Monday after news that President Trump’s condition had improved and plans were announced for him to be discharged from Walter Reed Medical Center.  On the data front, the trade deficit widened more than expected in August after the surplus from trade services was less than expected.  Later this morning markets will get a look at job openings from August and hear from Fed Chair Jerome Powell when he speaks at the annual meeting of the National Association for Business Economics.  In Europe, stocks are slightly higher with bank stocks leading.  Asian stocks closed mostly higher with Hong Kong stocks leading the region.  Chinese markets were closed on holiday.

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U.S. Stock Futures Are Higher to Start The Week #Election #ISM

U.S. stock futures are higher to start the week. Markets have an optimistic tone this morning as news that President Trump's condition is improving and that he could be released from Walter Reed as early as today.  With less than one month to the election, a national poll showed that former Vice President Joe Biden's lead widened last week to a 14 percentage points following the debate.  On the data front, later this morning markets will get a look at the health of services sector when the ISM services index is released.  In Europe, stocks are higher with travel and leisure stocks leading.  Asian stocks closed higher with Australian stocks leading the region.  Markets in China were closed on holiday.

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U.S. Stock Futures Are Lower After President Trump Tests Positive For Coronavirus #COVID19 #Employment

U.S. stock futures are lower after President Trump tests positive for coronavirus. Early this morning President Trump tweeted that he and first lady Melania Trump tested positive for COVID-19 and will begin their quarantine and recovery process.  In a separate statement, the White House physician noted that he expects the President to continue to carry out his duties without disruption.  The Vice President is also tested daily for COVID-19, and thus far, he and the Second Lady have tested negative.  On the data front, non-farm payrolls missed expectations, rising 661,000 in September.  While the headline number disappointed, the failure of some teachers and school workers to return to work in September dragged government jobs down by over 200,000 and prior months revisions added 145,000 jobs.  Later this morning markets will get the final read on consumer sentiment from September and factory orders from August.  European stocks are trading lower as world markets take note of the uncertainty surrounding the U.S. election.  Asian stocks closed lower with Australian stocks lagging the region.  Markets in China, Hong Kong, Taiwan, South Korea and India remained closed on holiday.  Japanese markets opened on Friday after a hardware issue caused markets to remain closed on Thursday.

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U.S. Stock Futures Are Higher to Start Q4 #ISM #PMI #Employment

U.S. stock futures are higher to start Q4. U.S. stocks fell in September but still managed to finish Q3 higher.  For the year, the Nasdaq and the S&P 500 are higher while the Dow is slightly lower.  On a big day for economic data, stocks are holding gains after mixed early data.  Personal income missed expectations in August, however spending was ahead of consensus.  Jobless claims were about in line with expectations for last week, falling slightly from the previous week.  Later this morning markets will get a look at construction spending from August and manufacturing for September when the PMI and ISM data is released.  On the stimulus front, House Democrats held off on a vote for Wednesday as they negotiate with Republicans for a deal that can pass.  European stocks are trading higher after euro zone manufacturing was in line with estimates in September and indicated continued expansion.  Asian stocks closed mostly higher with Australian stocks leading the region.  Markets in China, Hong Kong, South Korea and Taiwan were closed on holiday Thursday.  Japanese stocks were scheduled to trade on Thursday, however, a technical issue forced the Tokyo Stock Exchange to close for the day with plans to re-open on Friday.

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U.S. Stock Futures Are Lower After The First Presidential Debate #PresidentialDebate #ADP #GDP

U.S. stock futures are lower after the first presidential debate. The first presidential debate was light on content and heavy on insults.  Futures markets were mostly unchanged throughout the debate, but began to sell-off as the debate came to a close after President Trump reiterated his concerns over the integrity of the election.  On the data front, the private sector added 749,000 jobs in September, beating expectations of 650,000 jobs.  The final read on Q2 GDP was revised slightly higher to an annualized decline of 31.4%.  Mortgage applications fell 4.8% last week as refinancing fell.  Later this morning markets will get a look at business conditions in Chicago for September and pending home sales from August.  European stocks are trading lower with travel and leisure stocks lagging.  Asian markets closed mixed with Hong Kong shares leading the region.  Chinese manufacturing PMI beat expectations in September and continue to show expansion.

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U.S. Stocks Are Taking a Breather After Strong Gains to Start The Week #PresidentialDebate #Trade #Stimulus

U.S. stocks are taking a breather after strong gains to start the week. The major U.S. stock indices all rose more than 1.5% on Monday with the Nasdaq market leading the advance.  Today, futures are slightly lower as the markets digests a strong two-day advance.  Investors will be keeping a close eye on the first of three presidential debates this evening in what is shaping up to be a close election in November.  On the stimulus front, House Democrats proposed a $2.2T stimulus bill in an attempt to compromise with Republicans who are seeking a much smaller bill.  On the data front, the goods trade deficit widened in August to -$82.9B, roughly in line with estimates.  Later this morning markets will get a look at home prices from July and consumer confidence for September.  European markets are trading lower with financial stocks lagging.  Asian stocks closed mixed with Hong Kong stocks lagging the region.

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U.S. Stock Futures Are Higher as Technology Stocks Rebound #QQQ #Trade

U.S. stock futures are higher as technology stocks rebound. The Nasdaq edged out a small gain last week while the S&P 500 and Dow closed lower.  Tech stocks started the advance last week and this morning the other indices are following the lead.  Over the weekend, President Trump nominated Judge Amy Coney Barrett to fill the vacant Supreme Court seat and Senate hearings are set to begin on October 12th.  A U.S. District Court for the District of Columbia granted an injunction against the removal of the TikTok app from app stores that would have gone into effect on Sunday.  President Trump continues to pressure trade relations with China after formally prohibiting U.S. companies providing products to Chinese semiconductor company SMIC on the belief that these products may be diverted to the Chinese military.  In Europe, the German DAX is leading European stocks higher as banks rally from oversold levels.  Asian stocks closed mixed with Chinese stocks lagging the region.

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U.S. Stock Futures Are Mixed After Data #CapitalGoods #Stimulus

U.S. stock futures are mixed after data. The Commerce Department reported that new orders for durable goods missed expectations in August, rising 0.4% against expectations of a 1.5% rise.  Orders for non-defense goods excluding aircraft beat expectations and July’s data was revised higher.  On the pollical front, House Democrats are ironing out details of a new stimulus bill to cost roughly $2.4 trillion and could be voted on next week.  The estimated $2.4 trillion plan remains much higher than Republicans have been willing to approve.  European stocks are trading broadly lower with discretionary and technology stocks lagging.  Asian stocks closed mixed with Australian stocks leading after the country announced plans to improve access to credit for consumers and businesses.

 

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U.S. Stock Futures Are Lower on President Trump Comments #JoblessClaims #SPY

U.S. stock futures are lower on President Trump comments. On Wednesday, President Trump would not commit to a peaceful transfer of power if he were to lose the election.  The President does not agree with the use of mail-in ballots and said there is a chance the election winds up in the Supreme Court.  On the data front, first time claims for unemployment insurance were 870,000 last week, roughly unchanged from the previous week and in line with expectations.  Later this morning markets will get a look at new home sales from August.  Over in Europe, stocks are mostly lower with retail stocks lagging.  Asian stocks closed broadly lower with technology shares leading the declines

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U.S. Stock Futures Are Mixed With Technology Stocks Lagging #PMI #SpendingBill

U.S. stock futures are mixed with the technology stocks lagging. The Nasdaq is lagging other U.S. markets as technology stocks weigh on the index.  On the political front, the House passed a spending bill on Tuesday that would avert a shutdown and fund the government through December 11th.  The bill will now move to the Senate ahead of the September 30th deadline.  On the data front, mortgage applications rose 6.8% last week on strength in refinancing.  Refinancing activity was up 9% on the week, but rose 86% over last year as mortgage rates remain near all-time lows.  Later this morning markets will get a look at the flash composite PMI for September.  European markets are broadly higher, with travel and leisure stocks leading, despite a weaker than expected euro zone composite PMI reading for September.  Asian markets closed mostly higher, however, Japanese shares lagged after re-opening from a two-day holiday.

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U.S. Stock Futures are Sharply Lower as Concerns Rise Over a Potential Second Coronavirus Wave #RBG #Stimulus

U.S. stock futures are sharply lower as concerns rise over a potential second coronavirus wave. U.S. stocks are following European stocks lower after news that the U.K. is considering a new lockdown as coronavirus cases rise. Additionally, political uncertainty is rising for the passage of a new coronavirus stimulus bill in the U.S.. The passing of Justice Ruth Bader Ginsburg has lawmakers preparing to battle over the timing of a new justice nomination and could delay stimulus talks. Bank stocks are also in focus after a report showed that some banks were involved in the movement of potentially illicit funds from 1999 through 2017. The banks have reiterated their efforts and investment in combatting money laundering and money laundering reform. European stocks are sharply lower with bank stocks leading the decline. Asian shares closed lower with Chinese stocks leading the decline. Markets in Japan were closed on holiday.

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114 Hits

U.S. Stock Futures are Mixed to End the Week #ConsumerSentiment #SPY

U.S. stock futures are mixed to end the week. U.S. have been consolidating and are roughly unchanged on the week after falling from all-time highs last week. The Commerce Department reported this morning that they plan to initiate the ban of U.S. transactions with TikTok and WeChat beginning on Sunday. President Trump is expected to announce a decision later today if the proposed deal between TikTok and Oracle will satisfy his requirements to avoid a ban. Later this morning markets will get a preliminary look at consumer sentiment for September. European markets are mixed with travel and leisure stocks lagging as coronavirus cases rise in the region. Asian stocks closed mostly higher with Chinese stocks leading the region.

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138 Hits

U.S. Stock Futures are Lower as Technology Stocks Lag #Housing #JoblessClaims #QQQ

U.S. stock futures are lower as technology stocks lag. The Nasdaq is leading U.S. markets lower as investors take profits from some of the year’s strongest gainers. On the data front, initial jobless claims were in line with estimates last week as 860,000 people filed a first-time claim for unemployment benefits. In other data, housing starts and permits continue to gain, however, were slightly below estimates in August. European stocks are lower with bank stocks lagging after the BoE left policy unchanged and cautioned on the uncertainty ahead for the economy. Asian stocks closed lower with Chinese stocks lagging the region. The BoJ left monetary policy unchanged in their latest meeting but warned the economy remains in a “severe situation.”

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