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S&P 500 futures continue to rise how investors remain optimistic about a new economic stimulus packageAlthough US Treasury Secretary Steven Mnuchin said there was still no agreement on a deal after a meeting with the Speaker of the House of Representatives, Nancy Pelosi.
Later today, the Department of Labor will report Unemployment claims (a decrease to 850,000 is expected) and Ongoing Claims (a decrease to 12,200 million is expected). Personal income for August, a monthly drop of 2.5% is expected. the Markit US Manufacturing Purchasing Managers Index for September (final reading) it is expected to remain at 53.5.
European indices are slightly higher. The European Commission has confirmed the start of the process to bring the United Kingdom to court for its Internal Market Law.. the Markit Germany Manufacturing Purchasing Managers’ Index (PMI) for September was posted at 56.4 (vs. 56.6 expected). Markit’s European Manufacturing PMI for September came in at 53.7, as expected. The unemployment rate for August was 8.1%, as expected. Markit UK Manufacturing PMI for September came in at 54.1, down from 54.3 expected.
The China and Hong Kong markets were closed for the holidays. Japan’s Nikkei closed earlier due to technical disruption. The Australian ASX closed green. The Australian industry group’s Manufacturing Performance Index fell to 46.7 in September from 49.3 in August. The Bank of Japan’s Tankan Large Manufacturers Index was -27 for the third quarter (-24 expected) and the Outlook index was -17 (-16 expected).
WTI Crude Oil Futures Are Rebounding. The U.S. Energy Information Administration reported that crude oil-Oil reserves fell 2 million barrels last week, in contrast to an expected addition of 1.6 million barrels.
Gold stands firm As the The US dollar loses ground on US stimulus hopes.
Gold rose $ 13.74 (+ 0.73%) to $ 1,899.56, while the dollar index fell 0.1 point to 93.783.
US Equity Snapshot
Pepsico (PEP), the international food and beverage company, appears ahead of hours after reporting better-than-expected third-quarter earnings and boosting full-year guidance.
Source: TradingView, GAIN Capital
Amazon.comThe target price (AMZN) rose to $ 4,500 from $ 3,925 on Pivotal Research.
american airlinesThe CEO of (AAL) said the airline will begin cutting 19,000 jobs starting today. This process could be reversed if government aid were extended in the next few days. United Airlines (UAL) is also beginning to cut 13,000 jobs.
Allstate (ALL), the insurance company, plans to cut 3,800 jobs or 8% of its workforce.
Goldman sachs (GS), the banking group, could cut 400 jobs, or 1% of its workforce, according to Bloomberg.
