FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
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Plan A : Remain buy as long as market stays firm above 28319. Targets are 28492 and 28591.
Plan B : Consider sell if market surges but fails breach above 28492. Targets are 28319 and 28180.
E-Mini S&P 500
Stocks rose on Thursday as traders weighed the latest comments from House Speaker Nancy Pelosi and President Donald Trump regarding further fiscal aid.
The Dow closed 122.05 points higher, or 0.4%, at 28,425.51 and reached its highest level in a month. The S&P 500 gained 0.8% to end the day at 3,446.83 and the Nasdaq Composite advanced 0.5% to 11,420.98.
Shares of airline companies were higher in volatile trading. United and Delta each traded higher by more than 1%. American Airlines advanced 0.6%. The three airline stocks were briefly lower before recovering. IBM shares popped nearly 6% to lead the Dow higher after the company announced its plan to spin off its IT infrastructure unit.
Pelosi, D-Calif., told reporters there will not be a stand-alone stimulus bill for airlines — something President Donald Trump had pushed for the day before — without a bigger aid package. Earlier in the day, Trump told Fox Business that the administration and Democrats were “starting to have some very productive talks.”
Investors also digested the latest U.S. weekly jobless claims data on Thursday, which showed an additional 840,000 Americans files for unemployment benefits for the first time. Economists polled by Dow Jones expected first-time claims for unemployment insurance to total 825,000 for the week ending Oct. 3.
“Even though there is uncertainty now about the fiscal stimulus negotiations, regardless of who wins the election, we are likely to have additional fiscal stimulus,” said Nancy Davis, founder and portfolio manager at Quadratic Capital.
“With the uncertainty, I think it’s important for investors to have a diversified portfolio, with investments that are uncorrelated to each other. We should expect more uncertainty going forward,” she added.
The major averages are higher for October after clawing back losses suffered in September, the market’s first negative month since March. Still, a host of risks remain in the market, including rising Covid-19 cases around the world, as well as a slowdown in the rate of the economic recovery.
“The risks we are now facing—medical, economic, and political—have waxed and waned over the year, so a difficult quarter will be nothing new,” noted Brad McMillan, Chief Investment Officer for Commonwealth Financial Network.
“In fact, after the election, there is a good chance next year will look much better. We will have to wait and see, but for the moment, be prepared for volatility — but remember that it will pass,” he added.
E-Mini NasdaqU.S. stock futures rose early Friday morning as Wall Street continued to search for clarity surrounding a new potential fiscal aid bill.
Dow Jones Industrial Average futures were up 105 points. S&P 500 and Nasdaq 100 futures both traded in mildly positive territory.
Drew Hammill, deputy chief of staff to Nancy Pelosi, tweeted that the House Speaker and Treasury Secretary Steven Mnuchin spoke for 40 minutes earlier in the day. He noted that the conversation “focused on determining whether there is any prospect of an imminent agreement on a comprehensive bill. The Secretary made clear the President’s interest in reaching such an agreement.
That tweet came after Pelosi told reporters she would not back aid to U.S. airlines without a broader stimulus package, something Trump hinted earlier in the week he’d support. Meanwhile, Trump told Fox Business on Thursday morning that the administration and Democrats were “starting to have some very productive talks.”
“Stimulus talks are really dictating the market action on a day-to-day basis,” said Keith Buchanan, portfolio manager at GLOBALT. Buchanan noted that the recent rhetoric indicates some progress in the negotiations, but added it is key for Washington to move “quickly” on the matter to “to relieve the pressure that the economy is under.”
The Federal Reserve and U.S. lawmakers have spent trillions of dollars on different measure to keep the economy afloat during the coronavirus pandemic. Earlier this year, the Fed launched an open-ended bond-buying program and Trump signed a $2.2 trillion package that included enhanced unemployment benefits and direct payments to Americans. However, economic experts — as well as the Fed — have urged the government to push through more aid as it would sustain the recent economic recovery.
Carl Icahn, billionaire investor and chairman of Icahn Enterprises, said Thursday night these measures have been “very effective” for the economy and the market.
“If you look at stock prices, I think some of them are ridiculously high but going short on them proves to be a very, very expensive operation,” Icahn said at the 13D Monitor Active-Passive Investor Summit. “A lot of those stocks you believe are tremendously overpriced just keep going up. So basically, I think the stimulus is doing the trick.”
“At this juncture, I’m net long because I believe that this stimulus is coming and it’s going to continue, especially after the election,” he said.
Investors also digested news on the coronavirus treatment front. GenMark Diagnostics said after the close Thursday that the Food and Drug Administration gave the company emergency clearance to run a test that screens for the flu, coronavirus and other viruses.
The Dow ended Thursday’s session at its highest level since early September, rising more than 100 points. The Nasdaq Composite gained 0.5% and the S&P 500 outperformed with a 0.8% advance.
Those gains left the Dow and S&P 500 on pace for their second straight weekly climb. The Nasdaq was headed for a three-week winning streak. Week to date, the Dow and S&P 500 are up 2.7% and 2.9%, respectively. The Nasdaq is up more than 3% in that time.
HSI
Hong Kong shares slid on Thursday on news that Washington might impose restrictions on Tencent Holdings over concerns that the payment platform threaten its national security, while the market showed scant reaction to potential U.S. stimulus.
Stocks rose on Thursday as traders weighed the latest comments from House Speaker Nancy Pelosi and President Donald Trump regarding further fiscal aid.
The Dow closed 122.05 points higher, or 0.4%, at 28,425.51 and reached its highest level in a month. The S&P 500 gained 0.8% to end the day at 3,446.83 and the Nasdaq Composite advanced 0.5% to 11,420.98.
Shares of airline companies were higher in volatile trading. United and Delta each traded higher by more than 1%. American Airlines advanced 0.6%. The three airline stocks were briefly lower before recovering. IBM shares popped nearly 6% to lead the Dow higher after the company announced its plan to spin off its IT infrastructure unit.
Pelosi, D-Calif., told reporters there will not be a stand-alone stimulus bill for airlines — something President Donald Trump had pushed for the day before — without a bigger aid package. Earlier in the day, Trump told Fox Business that the administration and Democrats were “starting to have some very productive talks.”
Investors also digested the latest U.S. weekly jobless claims data on Thursday, which showed an additional 840,000 Americans files for unemployment benefits for the first time. Economists polled by Dow Jones expected first-time claims for unemployment insurance to total 825,000 for the week ending Oct. 3.
“Even though there is uncertainty now about the fiscal stimulus negotiations, regardless of who wins the election, we are likely to have additional fiscal stimulus,” said Nancy Davis, founder and portfolio manager at Quadratic Capital.
“With the uncertainty, I think it’s important for investors to have a diversified portfolio, with investments that are uncorrelated to each other. We should expect more uncertainty going forward,” she added.
The major averages are higher for October after clawing back losses suffered in September, the market’s first negative month since March. Still, a host of risks remain in the market, including rising Covid-19 cases around the world, as well as a slowdown in the rate of the economic recovery.
“The risks we are now facing—medical, economic, and political—have waxed and waned over the year, so a difficult quarter will be nothing new,” noted Brad McMillan, Chief Investment Officer for Commonwealth Financial Network.
“In fact, after the election, there is a good chance next year will look much better. We will have to wait and see, but for the moment, be prepared for volatility — but remember that it will pass,” he added.
U.S. stock futures rose early Friday morning as Wall Street continued to search for clarity surrounding a new potential fiscal aid bill.
Dow Jones Industrial Average futures were up 105 points. S&P 500 and Nasdaq 100 futures both traded in mildly positive territory.
Drew Hammill, deputy chief of staff to Nancy Pelosi, tweeted that the House Speaker and Treasury Secretary Steven Mnuchin spoke for 40 minutes earlier in the day. He noted that the conversation “focused on determining whether there is any prospect of an imminent agreement on a comprehensive bill. The Secretary made clear the President’s interest in reaching such an agreement.
That tweet came after Pelosi told reporters she would not back aid to U.S. airlines without a broader stimulus package, something Trump hinted earlier in the week he’d support. Meanwhile, Trump told Fox Business on Thursday morning that the administration and Democrats were “starting to have some very productive talks.”
“Stimulus talks are really dictating the market action on a day-to-day basis,” said Keith Buchanan, portfolio manager at GLOBALT. Buchanan noted that the recent rhetoric indicates some progress in the negotiations, but added it is key for Washington to move “quickly” on the matter to “to relieve the pressure that the economy is under.”
The Federal Reserve and U.S. lawmakers have spent trillions of dollars on different measure to keep the economy afloat during the coronavirus pandemic. Earlier this year, the Fed launched an open-ended bond-buying program and Trump signed a $2.2 trillion package that included enhanced unemployment benefits and direct payments to Americans. However, economic experts — as well as the Fed — have urged the government to push through more aid as it would sustain the recent economic recovery.
Carl Icahn, billionaire investor and chairman of Icahn Enterprises, said Thursday night these measures have been “very effective” for the economy and the market.
“If you look at stock prices, I think some of them are ridiculously high but going short on them proves to be a very, very expensive operation,” Icahn said at the 13D Monitor Active-Passive Investor Summit. “A lot of those stocks you believe are tremendously overpriced just keep going up. So basically, I think the stimulus is doing the trick.”
“At this juncture, I’m net long because I believe that this stimulus is coming and it’s going to continue, especially after the election,” he said.
Investors also digested news on the coronavirus treatment front. GenMark Diagnostics said after the close Thursday that the Food and Drug Administration gave the company emergency clearance to run a test that screens for the flu, coronavirus and other viruses.
The Dow ended Thursday’s session at its highest level since early September, rising more than 100 points. The Nasdaq Composite gained 0.5% and the S&P 500 outperformed with a 0.8% advance.
Those gains left the Dow and S&P 500 on pace for their second straight weekly climb. The Nasdaq was headed for a three-week winning streak. Week to date, the Dow and S&P 500 are up 2.7% and 2.9%, respectively. The Nasdaq is up more than 3% in that time.
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