Market snapshot
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Fed Chairman Jerome Powell will testify before the House Financial Services Committee on Tuesday.
Stock-index futures on Tuesday stabilized amid minor gains and losses, a day after volatile sessions saw sharp sell-offs in stocks amid renewed coronavirus lockdown in Europe and growing political uncertainty in the US, but the session remained short.
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What are the main benchmarks doing?
The Dow Jones Industrial Average (YM100) is up 27 points, or 0.1%, at 27,028, while the S&P 500 Futures (ES100) is up 3.4 points, or 0.1%, at 3,278.50. Nasdaq-100 futures (NQ100) (NQ100) rose 56.50 points, or 0.5%, to 11,045.50, pointing to further strengthening for tech-related equities.
Shares fell sharply on Monday, but closed well below the session low. The Dow (DJIA) fell 509.72 points, or 1.8%, to 27,147.70, after falling more than 900 points to its session low. The S&P 500 (SPX) fell 38.41 points, or 1.2%, to close at 3,281.06 for its fourth straight daily fall, its longest loss since February. The Nasdaq Composite (COMP) fell 14.48 points, or 0.1%, to 10,778.80.
What are the main benchmarks doing?
With the Covid-1 case escalating and the threat of renewed lockdowns in Europe, Congress Democrats and the White House are increasingly skeptical of an agreement on additional aid – the possibility of a fight over a candidate to replace Ruth Bader. Ginsberg, who died Friday in the Supreme Court, was convicted of selling on Monday.
But the stock came to the bottom and was ready to test on Tuesday. Equities have been under pressure for most of September, with the main benchmark enduring three weekly declines.
“Coronavirus concerns have resurfaced, with investors worried that the reversal may be nearing progress again. Lindsay Bell, chief investment strategist at Ally Investments, said in a note that “as we approach the election, there is more and more uncertainty as we are not closer to the financial relief of Congress.” “But we are still optimistic that this dip will be purchased sooner rather than later.”
Selling on Monday, like last week’s tech-led slide, was boosted by value stocks such as indust industrial, energy and financial, noted JFD Group senior market analyst Charlambos Pisauros.
“It seems logical to us because tech companies could be least affected in the event of a second phase lockdown move around the world.”
Investors are increasingly focusing on Covid-1 cases as the UK moves to impose some lockdown sanctions, while Federal Reserve Chairman Jerome Powell tells legislators he is providing relief to some troubled companies because of doubts about the prospects for other aid packages. Remains the same. Published late Monday for ready testimony. Powell will appear before the House Financial Services Committee at 10:30 p.m.
August data on current home sales are due at 10 a.m. Richmond Federal Reserve President Tom Barkin is ready to comment at an event at noon, while Atlanta Fed President Rafael Bostick is scheduled to speak at 3 p.m.
Which companies are the focus?
- Shares of electric car maker Tesla Inc. (TSLA) were down more than 3% in pre-market trades prior to the company’s “Battery Day” event. Chief executive Elon Musk, aiming to live up to the event’s expectations, tweeted late Monday that the scheduled products to be unveiled “will not reach serious high volume production by 2022”. See:3 things to know about Tesla’s ‘Battery Day’
- Amazon.com Inc. Shares rose 1.9% in pre-market trading after e-commerce giant Bernstein upgraded (AMZN) to outperform the market introduced by analysts.
What are other markets doing?
Yields on 10-year Treasury notes (BX: TMUBMUSD10Y) rose 0.3 basis points to 0.672%. Bond prices move upside down.
The ICE US Dollar Index (DXY) was flat after a 0.7 per cent jump on Monday as investors sought paradise amid selling global equities.
Gold futures (GCZ20) traded at $ 1,911, up less than 0.1%, as the yellow metal stabilized between small gains and losses. Oil futures (CLX20) had a slight uptrend trying to bounce back after falling easily in the previous session.
Pan-European stocks were up 0.4% each on the Europe 600 Index (XXX: SXXXP) and the UK benchmark FTSE (FR: UKX). In Asia, Hong Kong’s Hang Seng Index (HK: HSI) fell 1% and Shanghai Composite Index (CN: SHCOMP) fell 1.3%, while Japan’s Nikkei (JP: NIK) closed for the public holiday.
Video: Near-term risks could sharply reduce 10-year Treasury yields, says top fixed income strategist (CNBC)
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