The S&P 500 Futures are posting a tentative rebound after they encountered a sell-off yesterday. U.S. Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi failed again to agree on a fiscal stimulus deal as COVID-19 cases spike in the U.S. and Europe.
Later today, the U.S. Commerce Department will post Durable Goods Orders for September (+0.5% on month expected). The Conference Board will release its Consumer Confidence Index for October (101.9 expected). The Federal Housing Finance Agency will post its house price index for August (+0.7% on month expected). S&P Case Shiller will report its house price index for August (+0.4% on month expected).
European indices are on the downside. The European Central Bank has reported September M3 money supply at +10.4% (vs +9.6% on year expected). In France, September PPI was released at +0.2% on month, vs +0.1% in August.
Asian indices closed in the red except the Chinese CSI which ended slightly positive.
WTI Crude Oil futures are posting a tentative rebound. Later today, American Petroleum Institute (API) will release the change of U.S. oil stockpile data for October 23.
US indices closed down on Monday, pressured by Energy (-3.47%), Software & Services (-2.95%) and Consumer Services (-2.64%) sectors.
Approximately 75% of stocks in the S&P 500 Index were trading above their 200-day moving average and 68% were trading above their 20-day moving average. The VIX Index jumped 4.91pts (+17.82%) to 32.46, while Gold fell $0.5 (-0.03%) to $1901.55, and WTI Crude Oil dropped $1.29 (-3.24%) to $38.56 at the close.
On the US economic data front, New Home Sales unexpectedly fell to 959K on month in September (1,025K expected), from a revised 994K in August.
Gold and U.S dollar consolidate on U.S aid and Presidential election uncertainties.
Gold rose 0.5$ (+0.03%) to 1902.58.
The dollar index fell 0.06pt to 92.981.
Advanced Micro Devices (AMD), a designer and producer of microprocessors, announced the acquisition of Xilinx (XLNX), a designer of field-programmable gate arrays (FPGAs), in an all-stock transaction valued at 35 billion dollars.
AIG (AIG), a global insurance and financial services firm, announced "its intention to separate its Life & Retirement business from AIG." Separately, "the Board of Directors has named Peter S. Zaffino Chief Executive Officer of AIG, effective March 1, 2021, in addition to his current role as President of the company." Current CEO Brian Duperreault will become Executive Chairman.
Source: TradingView, GAIN Capital
Merck & Co (MRK), the pharma giant, is slightly up before hours after reporting third quarter earnings that beat estimates and raising its full year outlook.
Pfizer (PFE), the pharma giant, is edging down as quarterly sales were slightly below estimates.
Caterpillar (CAT), the world's largest manufacturer of heavy equipment for multiple industries, is declining before hours despite posting quarterly earnings that beat estimates and forecasting a sequentially improvement in operating margin for the current quarter.
Eli Lilly (LLY), a developer and producer of pharmaceuticals, is losing some ground premarket as third quarter sales missed estimates. The company confirmed full year outlook.
3M (MMM), a diversified multinational conglomerate, is flat premarket despite posting third quarter earnings above expectations.
Twitter (TWTR)'s, the social network, price target was raised to 52 dollars from 39 dollars at JPMorgan.
Las Vegas Sands (LVS), a global operator of casino resorts, might consider the sale of its casinos in Las Vegas, according to Bloomberg.
Centene Corp (CNC), a managed-care organization focused on government-sponsored healthcare plans, posted third quarter earnings that beat estimates and raised its full year outlook.
F5 Networks (FFIV), a provider of Internet networking traffic products, reported fourth quarter adjusted EPS of 2.43 dollars, above forecasts, down from 2.59 dollars a year ago, on net revenue of 614.8 million dollars, exceeding the consensus, up from 590.4 million dollars a year earlier.
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.