An artist named Theodore Sinias, who wrapped himself next to Charging Bull on May 25, 2020 in Lower Manhattan, New York City, USA, to show his attention to the behavior of the world amid the Covid-19 epidemic.
Tefan Coskin | Anadolu Agency | Getty Images
U.S. Stock futures rose on Thursday night as the prospect of additional monetary stimulus was weighed on Wall Street, with news on the earnings and coronavirus treatment front awaiting the final U.S. presidential debate.
Dow Jones Industrial Average futures were up 44 points, or 0.2%. The S&P 500 futures are up 0.1% and the Nasdaq 100 futures are up 0.2%.
Intel shares fell more than 9% in after-hours trading after the release of mixed quarterly numbers for the chip maker. The company’s earnings were in line with analysts ‘expectations, but revenue from its data center business fell short of analysts’ estimates.
Gilead Sciences, meanwhile, saw a 4% increase after the Food and Drug Administration approved the company’s drug, remedesivir, for use as a treatment against coronavirus.
The Dow and S&P 500 rose 0.5% during regular trading while the Nasdaq Composite rose 0.2% after House Speaker Nancy Pelosi indicated and Treasury Secretary Steven Munuchin is making progress in his monetary stimulus talks.
“I wouldn’t have spent five seconds in this conversation if we hadn’t made progress,” Pelosi said. “I think it’s nothing more than a serious effort. I think both parties want to reach an agreement,” Pelosi said.
However, Pelosi also lowered expectations of Democrats and Republicans reaching a deal before the election, saying it could take “some time” to write and sign the bill.
Traders have been keeping an eye on Washington in recent weeks as they anticipate new coronavirus aid. Some market experts and economists, including Federal Reserve Chairman Jerome Powell, believe legislators need to reach a deal on another stimulus package.
“Government powers are still trying to put together another economic relief package,” said Jim Paulsson, chief investment strategist at The Lutheld Group. “However, despite the July expiration of the unemployment benefits provided by the CARS Act, here, Then, the U.S. economic momentum is significantly healthy. “
U.S. on Thursday. Paulsen’s comments came after unemployment data was released better than expected.
Thursday’s move comes ahead of a second round of talks between President Donald Trump and former Vice President Biden. The debate is set to begin at 9pm and will last before the November 3 presidential election.
Biden is under discussion in most national polls, as the so-called Blue Wave is likely to grow. Some market experts say a democratic sweep could lead to a rise in equity prices in the short term. However, well-known hedge fund manager Paul Tudor Jones warned on Thursday that the scenario could put pressure on long-term stocks.
“I think the Biden tax plan, and the Biden tax plan, is doing a lot of damage to long-term financial assets,” he said on CNBC’s “Squawk Bx.”
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