Investors are looking ahead to the first debate between President Donald Trump and Democratic nominee Joe Biden
Stock futures are cooling off this morning, after all three major indexes rose in dramatic fashion yesterday to kick off a new week. Futures on the Dow Jones Industrial Average (DJI) are trading right around fair value. Meanwhile, futures on the S&P 500 Index (SPX) are pointed slightly higher as well, while the Nasdaq-100 Index (NDX) is trading marginally lower.
Investors are anxiously waiting for tonight's first debate between U.S. President Donald Trump and Democratic nominee and former Vice President Joe Biden, which Wall Street analysts say could create significant market moves. Elsewhere, House Democrats unveiled a $2.2 trillion COVID-19 stimulus package, which will include enhanced unemployment benefits, as well as aid to airlines and local governments. And while the new plan is smaller, it is still far above what Republicans had hoped. In other news, John Hopkins University revealed the global death poll for COVID-19 has surpassed 1 million.
Continue reading for more on today's market, including:
- Schaeffer's Senior Market Strategist Matthew Timpane breaks down the S&P 500's key technical signals.
- A bullish signal suggests this genetics stock has more room to run.
- Plus, Amazon launches personal shopping service; LVMH countersues Tiffany; Polaris signs deal to develop electric recreational vehicles.
5 Things You Need to Know Today
- The Cboe Options Exchange
(CBOE) saw more than 1.2 million call contracts traded on Monday, and 574,269 put
contracts. The single-session equity put/call ratio dropped to 0.45 and the
21-day moving average stayed at 0.54.
- Amazon.com, Inc. (NASDAQ:AMZN) is up 0.2% in pre-market trading, after the company announced the launch of a personal shopping service for men, which will cost $4.99 per month and be an expansion of its Prime Wardrobe service. Year-over-year, AMZN sports a 84% lead.
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Tiffany & Co. (NYSE:TIF) is flat before the bell, after French luxury goods concern LVMH countersued the jeweler, accusing it of financial mismanagement during the pandemic as it attempts to walk away from a $16.2 billion takeover deal. Year-over-year, TIF is still up a 27%.
- The shares of Polaris Inc (NYSE:PII) are up 3.8% in electronic trading, after the recreational vehicle manufacturer signed a 10-year deal with Zero Motorcycles, which will allow it to develop and sell electric off-road vehicles and motorcycles. Over the last six months, the company is up an impressive 95%.
- The economic calendar kicks into high gear today with the S&P CoreLogic Case-Shiller home-price index and consumer confidence data set to roll in. IHS Markit (INFO) and McCormick (MKC) will step into the earnings confessional.
European Markets Drop as Brexit Deal Remains Far Away
Stocks in Asia were a mixed bag today. Hong Kong’s Hang Seng fell 0.9%, despite shares of ZTO Express soaring after the logistics company made its Hong Kong debut. Meanwhile, Japan’s Nikkei rose 0.1%, after telecom giant Nippon Telegraph and Telephone (NTT) dropped significantly in the wake of a major buyout announcement. Rounding out the region, China’s Shanghai Composite rose 0.2% while South Korea’s Kospi added 0.9%.
European stocks a distanced themselves from yesterday’s rally, with more Brexit talks and the first U.S. presidential debate between President Donald Trump and former Vice President Joe Biden set to take place tonight. Yesterday, both the European Union (EU) and the U.K. indicated that a Brexit deal is still far away. London’s FTSE 100 and the German DAX were both last seen off by 0.4%, while France’s CAC 40 is down a paltry 0.1%.