Reports that President Trump could be discharged from the hospital today are stabilizing markets
The news of U.S. President Donald Trump's COVID-19 infection took another turn over the weekend, after the president required hospitalization at Walter Reed Medical Center. Reports of the president's potential discharge from the hospital, however, are stabilizing markets. Futures on the Dow Jones Industrial Average (DJI) are looking to open 200 points higher, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are also getting a boost.
Despite his hospitalization, President Trump has remained active on Twitter, sending out a minute-long video on Sunday assuring his followers that he was getting "great reports from the doctors." He also took to Twitter in an effort to secure votes for the upcoming presidential election, promising major tax cuts and "stock market highs."
Continue reading for more on today's market, including:
- Steer clear from this blue-chip technology stock in October.
- Listen to Schaeffer's Market Mashup featuring a special guest from Cboe Global Markets.
- Plus, a big biotech merger with massive payouts; Disneyland will stay closed for the time being; and Coca-Cola is pulling at least one brand from shelves.
5 Things You Need to Know Today
- The Cboe Options Exchange
(CBOE) saw more than 1.4 million call contracts traded on Friday, and 756,590 put
contracts. The single-session equity put/call ratio climbed to 0.54 and the
21-day moving average rose to 0.55.
- Eidos Therapeutics Inc (NASDAQ:EIDX) stock is up 29% in pre-market trading, after the biotech company announced a merger with BridgeBio Pharma (BBIO). Eidos shareholders have the option of receiving $73.26 per share in cash or 1.85 shares of BBIO, with a cash payout maximum of $175 million. Meanwhile, the equity up 34.1% year-over-year.
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Walt Disney Co (NYSE:DIS) will not reopen its Disneyland resort for the time being, yet the stock is still up 0.5% ahead of the bell. This move comes after California regulators agreed to more input from theme park operators in the state before handing out new reopening guidelines. The pandemic has taken its toll on DIS, which is down 15.3% in 2020.
- Zico coconut water is no more, as Coca-Cola Co (NYSE:KO) just announced it will discontinue the brand's production by the end of the year. Additionally, people familiar with the matter said that less popular variations of Coke and Diet Coke are being reviewed as well. KO is up 0.3% ahead of the open, though its down 10.8% year-to-date.
- This week starts with the non-manufacturing Purchasing Managers' Index (PMI) due out.
Asian, European Markets Rise to Begin First Full Week of October
Asian markets jumped higher to start the week, with the exception of China’s Shanghai Composite, which was closed for holiday. Japan’s Nikkei tacked on 1.2%, boosted by railway and auto stocks. Meanwhile, Hong Kong’s Hang Seng and the Kospi in South Korea both added 1.3%, despite the former’s Semiconductor Manufacturing International Corporation (SMIC) dropping 4.6% due to United States’ confirmed restrictions on the chipmaker giant.
Stocks are on the rise midday in Europe as well, taking a cue from their global counterparts. At last look, London’s FTSE 100 and the French CAC 40 are both up 0.9%, while the German DAX is close behind with a 0.8% gain.