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FUTURESCOIN IS GOING GLOBAL
U.S. stock futures rose in early morning trading, as investors braced for the start of the fourth quarter with hopes of fiscal stimulus.
The House of Representatives delayed the vote on a $2.2 trillion rescue package on Wednesday evening after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to strike a coronavirus aid deal; however, the pair said the conversation would continue.
The Federal Reserve said Wednesday it is extending the restrictions on big bank dividends and buybacks through the fourth quarter. Banks dipped in extended trading following the central bank’s announcement.
On Wednesday, the Dow Jones Industrial Average climbed more than 300 points, after being up more than 550 points on hopes the White House and Senate would agree to a second stimulus package.
The S&P 500 also registered a gain, climbing more than 0.8%. The Nasdaq Composite rose 0.75%, helped by gains in Netflix and Microsoft.
FUTURESCOIN IS GOING GLOBAL
Tuesday’s sell-off after a three-day bounce signals continued stock market volatility, and the possibility that the correction is not yet over.
The S&P 500 was up, down, sideways and down again Tuesday, finishing the day at 3,335. It had declined amid new concerns about the coronavirus spreading in New York and then ended the day a half percent lower ahead of Tuesday evening’s potentially pivotal presidential debate.
Among 11 major sectors in the S&P 500, all but communication services closed in the red, with energy and financials suffering the largest percentage losses.
U.S. stock futures declined on Tuesday night as traders digested the first U.S. presidential debate.
Positive data regarding a potential coronavirus treatment from Regeneron Pharmaceuticals kept the losses in check.
Futures rose slightly during the debate, but quickly gave up that ground as the debate ended. It wasn’t clear whether the gyrations were related to the contentious comments being traded back and forth by the candidates. Traders are hoping that the start of the debate process will lead to a clear winner on Election Day and not a drawn-out electoral process that could hit the market.
The major averages snapped a three-day winning streak earlier in the day, with the Dow falling more than 100 points, or 0.5%. The S&P 500 also closed 0.5% lower and the Nasdaq Composite slid 0.3%. Those losses came amid concerns over a virus resurgence. New York City Mayor Bill de Blasio said the city’s daily positive rate of coronavirus tests is back above 3% for the first time in months.
“Coronavirus infection rates are rising in Europe and the United States as children return to school,” Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, wrote in a note. “We expect the United States to continue its modest pace of economic improvement, though virus growth and a softer labor market are threats.”
Plan A : Long if market doesn't retrace much and supported firm above 11259. Targets are 11287, 11320 and 11351.
Plan B : Short if market failed to support above 11259. Targets are 11210, 11180 and 11120.
We are expanding to global markets
We are expanding to global markets
FUTURESCOIN IS GOING GLOBAL
U.S. stock futures ticked slightly lower early Tuesday morning ahead of the first presidential debate.
The quiet move in futures follows a solid start to the week for stocks during Monday’s session, with the Dow rising 410 points, or 1.5%. The S&P 500 and Nasdaq rose 1.6% and 1.9%, respectively.
Monday’s rally set up the market to snap losing streaks. The Dow and the S&P 500 have fallen for four consecutive weeks. The Nasdaq Composite managed to break its own three-week streak with a 1% gain last week.
Political news is poised to potentially be a major driver of market news this week, with the first debate between President Donald Trump and Democratic nominee Joe Biden set for Tuesday night. Some Wall Street analysts believe the first debate of this cycle could be more consequential for the markets than most debates, with a clear victory by one candidate possibly creating significant market moves.
The climb for stocks on Monday came after mixed news about the coronavirus response over the weekend. On the bullish side for the market, Florida lifted capacity restrictions on restaurants over the weekend and Pelosi said she believed another relief bill was still on the table.
Before the debate kicks off, investors will get a close look at the state of the semiconductor industry when Micron reports its fiscal fourth quarter results after the bell on Tuesday. The stock gained 1.2% on Monday despite receiving a “negative catalyst watch” from Citi.
Plan A : Long if market supported firm above 11337. Targets are 11365, 11392 and 11430.
Plan B : Short if market failed to support above 11337. Targets are 11295, 11252 and 11210.
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