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Stock futures flat in overnight trading after S&P 500 posts 4-day losing streak – CNBC

Stock futures rose slightly in overnight trading on Monday following a steep sell-off on Wall Street.

Futures on the Dow Jones Industrial Average rose about 100 points. The S&P 500 futures gained 0.4% and the Nasdaq 100 futures were up 0.5%.

The market’s September sell-off intensified on Monday with the Dow Jones Industrial Average dropping 500 points, suffering its worst day since Sept. 8. The S&P 500 lost 1.2%, posting its first four-day losing streak since February. The Nasdaq Composite dipped just 0.1% after a late-day comeback rally.

Shares of Tesla dropped nearly 6% in overnight trading after CEO Elon Musk said in a tweet that the electric car-maker’s “Battery Day” event would not reach “serious high-volume production” until 2022, which disappointed investors and analysts.

Investors grew more anxious about the pandemic as the U.K. is reportedly considering another national lockdown as daily new infections rise. Meanwhile, prospects of further U.S. coronavirus fiscal stimulus became bleaker as lawmakers brace for a Supreme Court confirmation fight as President Donald Trump rushes to nominate a successor to Justice Ruth Bader Ginsburg, who died on Friday.

“Coronavirus concerns have resurfaced, worrying investors that a reversal in reopening progress could be near,” Lindsey Bell, chief investment strategist for Ally Invest, said in a note. “More and more uncertainty is arising as we get closer to the election but no closer to Congressional fiscal relief. But we’re still optimistic this dip will be bought sooner rather than later.”

The major averages are on pace for steep losses for September, a typical weak month for stocks. All three major averages had just suffered three straight weeks of losses. The Dow and the S&P 500 have fallen 4.5% and 6.3% this month, respectively, while the Nasdaq has dropped 8.4% as investors dumped high-flying tech giants.

“Market volatility is returning after months of steady advances in risk assets, and we see elevated volatility ahead of the November U.S. election,” Jean Boivin, head of BlockRock Investment Institute, said in a note. “In addition, negotiations of a new U.S. fiscal package are dragging on, the pandemic is still spreading in many countries, and U.S. China tensions are running high.”

On Tuesday, investors will monitor a hearing with U.S. Treasury Secretary Steven Mnuchin and Federal Reserve chair Jerome Powell in front of the House Financial Services Committee about pandemic responses.

On earnings front, Nike will report its fiscal first-quarter results after the bell on Tuesday.

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Dow Jones Futures: Market Rally Against Ropes – Investor’s Business Daily

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Stock futures are flat after Fed signals no rate hikes until 2023 – CNBC

Julius Shakari, from California in full PPE gear, takes photos with his friend in front of the Charging Bull, sometimes referred to as the Wall Street Bull, a bronze sculpture in the Financial District of Manhattan New York May 19, 2020.

Timothy A. Clary | AFP | Getty Images

U.S. stock futures were flat on Wednesday night as traders digested the Federal Reserve’s pledge to keep rates low over the next few years.

Dow Jones Industrial Average traded just below the flatline. S&P 500 and Nasdaq 100 futures were also little changed. 

Members of the Federal Open Market Committee indicated the U.S. overnight rate could stay anchored to the zero-bound through 2023 as the central bank tries to spur inflation. In a statement, the committee said: “With inflation running persistently below this longer run goal, the Committee will aim to achieve inflation moderately above 2% for some time so that inflation averages 2% over time.”

Fed Chairman Jerome Powell reiterated this stance in a news conference, saying easy monetary policy will remain “until these outcomes, including maximum employment, are achieved.”

He also said that parts of the U.S. economy will keep struggling unless lawmakers move forward with further fiscal stimulus. That comment from Powell came as lawmakers struggle to reach a deal on a new coronavirus aid bill. Earlier on Wednesday, White House chief of staff Mark Meadows said he was optimistic a deal could be struck.

Normally, the prospects of lower rates for a prolonged time period spur buying in equities. However, that was not the case on Wednesday.

The S&P 500 and Nasdaq both closed lower and the Dow ended well off its session high. Big Tech dragged down the S&P 500 and Nasdaq, with Apple, Facebook and Microsoft all closing lower.

“The major indices dipped back to their short-term trading range following the Fed’s announcements, confirming that bulls are still not out of the woods,” said Ken Berman, founder of Gorilla Trades. “While there was nothing scary in today’s Fed announcements, stocks reacted in a bearish fashion, especially in the tech sector.”

On Thursday, Wall Street will get the latest look at U.S. weekly jobless claims. U.S. housing starts data are also set for release.

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Dow Jones Futures: Stock Market Rally Gets A Win; Apple In Buy Zone; Tesla Rival Nikola Dives On SEC Probe – Investor’s Business Daily

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Stock futures point higher as optimism rises over potential coronavirus treatment – MarketWatch

Market Snapshot


iStockphoto

Stock-index futures pointed to a higher start Monday, with the S&P 500 and Nasdaq Composite set to build on last week’s record finish, as investors appeared optimistic over a potential COVID-19 treatment.

What are major benchmarks doing?

Futures on the Dow Jones Industrial Average
US:YM00
advanced 271 points, or 1%, to 28,131, while S&P 500 futures
US:ES00
rose 28.90 points, or 0.9%, to 3,421.50. Nasdaq-100 futures
US:NQ00
were up 121.50 points, or 1%, at 11,682.50.

The S&P 500
US:SPX
on Friday drifted higher by 0.3% in light volume to end at a record 3,397.16, marking a 0.7% weekly advance. The Dow
US:DJIA
rose 190.60 points, or 0.7%, on Friday to end the week with a gain of less than one point at 27,930.33. The tech-heavy Nasdaq Composite
US:COMP
logged a 2.7% weekly rise, finishing Friday at 11,311.80, its 36th record finish of 2020.

What’s driving the market?

The Food and Drug Administration on Sunday said it had approved the use of convalescent plasma, the antibody-rich component of blood taken from recovered COVID-19 patients, as a treatment for serious coronavirus cases. Medical experts said the treatment may provide benefits to those battling the disease, but that there isn’t conclusive evidence of its effectiveness, while questions remain about when it should be administered and dosage.

President Donald Trump hailed the move in a Sunday evening news conference after the administration had accused the agency without citing evidence of slowing approval in order to undermine his re-election prospects.

Also, the Financial Times reported that Trump may order the FDA to grant the same type of approval to the University of Oxford vaccine to be distributed by AstraZeneca
UK:AZN
US:AZN.

“Markets have started the week on a cheery note as news that President Trump has authorized the emergency use of plasma treatment for COVID-19 patents and is considering fast tracking a UK vaccine before the election boosted sentiment,” said Raffi Boyadjian, investment analyst at XM, in a note.

Expectations for a breakthrough virus treatment have been a driving force behind the market’s rebound from its pandemic-induced plunge earlier this year, Boyadjian said, though “there’s yet to be any conclusive results from any of the vaccines or treatments that are under development for the coronavirus and many investors have yet to wake up to the prospect that the pandemic could still be around in a year or two.”

Read:Are stock market investors overpricing or underpricing a coronavirus vaccine?

The S&P 500 last week returned to record territory, erasing a nearly 34% plunge that took the U.S. benchmark from a record Feb. 19 close to its March 23 low, in a rally driven largely by shares of big tech companies that have seen their businesses benefit from the pandemic, while shares of companies whose performance is tied more closely to the economic cycle have continued to lag despite some recent stretches of outperformance.

Investors are looking ahead to the Kansas City Federal Reserve Bank’s annual symposium. The event, typically held in Jackson Hole, Wyo., will be conducted via webcast this year. Fed Chairman Jerome Powell is slated to speak Thursday on how the central bank plans to achieve its twin goals of stable prices and maximum employment once the coronavirus pandemic has ended.

Which stocks are in focus?
  • AstraZeneca’s
    US:AZN
    stock rose more than 3% early Monday, boosted by the report that U.S. regulators are considering fast-tracking the drug manufacturer’s coronavirus vaccine candidate.

  • Blackstone Group Inc.
    US:BX
    shares are in focus. Takeda Pharmaecutical Co. announced it would sell its consumer health care business for 242 billion yen ($2.3 billion) to the U.S. private equity giant, The Wall Street Journal reported Monday.

  • Shares of diversified industrial company NN Inc.
    US:NNBR
    soared 37% in premarket trade Monday, after the company said it has agreed to sell its life sciences business of units of American Securities LLC in a deal worth $825 million.

What are other markets doing?

The yield on the 10-year Treasury note
BX:TMUBMUSD10Y
BX:TMUBMUSD10Y
rose 0.8 basis point to 0.64%. Bond prices move inversely to yields.

Gold futures
US:GCZ20
rose, with the December contract up 0.,6% at $1,958 an ounce on Comex. Oil futures
US:CL00
gained ground as a pair of tropical storms converged on the Gulf of Mexico, forcing the closure of offshore oil rigs accounting for more than half of the region’s production.

The greenback was on the backfoot, trading down 0.4% based on trading in the ICE U.S. Dollar Index
US:DXY.

In global equity markets, China’s CSI 300
XX:000300
rose 0.8%, the Shanghai Composite
CN:SHCOMP
ended 0.2% higher, and Japan’s Nikkei
JP:NIK
closed with a gain of 0.3%. The Stoxx Europe 600
XX:SXXP
jumped 1.7% and U.K.’s FTSE benchmark
FR:UKX
advanced 1.8%, getting a boost after the FDA announcement.

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Stock futures flat after S&P 500 notches new record – CNBC

U.S. stock futures were higher early Wednesday, a day after the S&P 500 hit its highest level ever and wiped out all the losses from the coronavirus sell-off. 

Dow Jones Industrial Average futures rose 33 points, or 0.1%. The moved indicated an opening gain of about 37 points. S&P 500 futures added 0.1%. Nasdaq 100 futures were slightly higher.

Here’s what traders were watching Wednesday morning:

  • Target shares jumped 5% after the retailer reported soaring profit and sales last quarter. Digital sales increased by 197% from a year ago.
  • Lowe’s shares gained 1% after the home improvement retailer reported a 30% surge in second-quarter revenue.
  • Coronavirus cases in the U.S. are trending lower, but officials are cautious as students begin returning to school and college campuses.
  • Treasury Secretary Steven Mnuchin criticized Democratic leaders as unwilling to discuss a smaller relief package on Tuesday; however, Politico reported House Speaker Nancy Pelosi said she is was willing to cut some demands to get an agreement on the bill. 

On Tuesday, the S&P 500 rose to its highest level ever, gaining back all of the index’s coronavirus-related losses. The 500-stock average rose 0.2% to a record close of 3,389.78. It also traded above its Feb. 19 intraday record of 3,393.52 earlier in the trading day. The S&P has rallied more than 54% from its March low, bringing an end to the shortest bear market in U.S. history. 

The Nasdaq Composite also notched a record on Tuesday after gaining 0.7%, helped by a 4% gain in Amazon and a near 2% gain in Netflix. The Dow Jones Industrial Average dipped 66 points.  

“Reaching a new all-time high may be a quickly forgotten speed bump in an ongoing new bull market, but if not substantially passed in the coming weeks, it could also prove to be a nagging glass ceiling that will continue to perpetuate fears this really is just a big bear market rally,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC. “Bulls need to ask whether the stock market may finally be getting ahead of its fundamentals while bears are forced to ask whether they are too underweighted in what could be just the beginning of a new bull market.”

Shares of retailers capped the major averages gains on Tuesday, despite Walmart and Home Depot’s better-than-expected quarterly results. Kohl’s plunged more than 14% after the company offered a grim outlook ahead of the all-important holiday season.

Closely watched chip stock Nvidia reports quarterly results after the market close on Wednesday.

Investors are still eyeing a second coronavirus stimulus bill from Washington. 

The Federal Open Market Committee will publish its meeting minutes from its June meeting on Wednesday at 2 p.m. ET. 

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Dow Jones Futures Fall After 3 Stock Market Rally Leaders Hit Record Highs; Walmart Earnings Due – Investor’s Business Daily

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Dow Jones Futures: Stock Market Rally, Tesla Hit Resistance; SEC Accounting Probe Slams Baidu’s iQiyi, GSX Techedu – Investor’s Business Daily

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Stock futures hold steady after S&P 500 closes just under a record – CNBC

Tourists pose with the Wall Street bull statue in the Financial District, August 21, 2018 in New York City.

Drew Angerer | Getty Images News | Getty Images

Futures contracts tied to the major U.S. stock indexes edged lower on Wednesday night, hours after the S&P 500 flirted with — but fell just short of — a new record close.

Dow Jones Industrial Average futures indicated a lower opening of about 18 points. S&P 500 futures and Nasdaq-100 futures also indicated a slightly lower opening trade.

The after-hours moves Wednesday evening followed a rally during the regular session, with the major indexes climbing amid a rebound in Big Tech, strength from health care and gains in discretionary equities.

The S&P 500 gained 1.4% during Wednesday’s regular session in its largest one-day jump since July 6. The broad market index finished the day at 3,380.35. In the final hour of trading, the broader market index briefly traded above its record closing high of 3,386.15.

The index has risen every day this month except for a 0.8% loss on Tuesday; it’s up 3.3% since the end of July.

Household consumer tech names Facebook, Apple and Amazon rallied 1.4%, 3.3% and 2.6% during Wednesday’s regular trading while Netflix and Microsoft added 1.8% and 2.8%, respectively.

Stocks that would benefit most from the economy reopening started Wednesday’s session off strong, but ultimately ended the day lagging the tech names. Cruise operator Carnival dropped 4%. JPMorgan Chase, Bank of America and Citigroup were all lower. 

Investors continue to keep a watchful eye on Washington, where the nation’s top lawmakers continue to haggle over a new coronavirus-relief package for American households and businesses.

Though Senate Majority Leader Mitch McConnell and House Speaker Nancy Pelosi both said this week that the two sides are far away from an agreement, many investors believe a deal is inevitable.

“The market still wants, and very much expects, an actual stimulus bill to be signed,” wrote Tom Essaye, editor of the Sevens Report.

“Looking forward, stimulus bill negotiations will continue, but [President Trump’s] executive orders (combined with recently solid data) likely reduce the urgency to get something done, so realistically the market will be looking for an agreement over the next few weeks,” he added.

The latest iteration of the Labor Department report on weekly jobless claims will be released Thursday morning.

The weekly figures provide Wall Street with critical insight on how many Americans continue to collect unemployment benefits, known as continuing claims.

Another 1.1 million workers are expected to have filed first-time claims for state unemployment benefits during the week ended August 8. That would mark a deceleration from the prior week, though still well above any reading prior to the pre-Covid era. 

Last week, the government said initial jobless claims rose by 1.18 million during the week ended August 1. That marked the 20th straight week in which initial claims remained above 1 million.

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Stock futures flat in overnight trading after Wall Street notches seventh straight day of gains – CNBC

Futures tied to major U.S. equity averages were little changed in overnight trading on Monday after days of gains on Wall Street pushed the S&P 500 within striking distance of a record high.

Dow Jones Industrial Average futures dipped about 10 points. The S&P 500 and the Nasdaq 100 futures were also flat.

The 30-stock Dow gained about 350 points in regular trading on Monday, posting its seventh positive session in a row — its longest winning streak since September 2019. The S&P 500 gained 0.2%, sitting just 0.9% below its record high set in February. Meanwhile, the Nasdaq underperformed with a 0.4% loss as investors rotated out of some of the high-fliers.

“Markets are looking forward to better days ahead,” Jeff Buchbinder, equity strategist at LPL Financial, said in a note. “Although the timing is uncertain, the stock market is expressing confidence that the pandemic will end eventually with a vaccine—or multiple vaccines—and with help from better treatments in the interim.”

Investors still grappled with the uncertain fate of further coronavirus stimulus aimed at supporting Americans struggling during the pandemic. 

Treasury Secretary Steven Mnuchin said Monday the White House is open to resuming coronavirus aid talks with Democrats and putting more relief money on the table to reach a compromise. 

Senate Majority Leader Mitch McConnell said Monday in a tweet that he hoped lawmakers will be finalizing the bill this week and that he’s glad President Donald Trump “stepped in to soften the blow of their hostage tactics.”

Over the weekend, Trump signed four executive orders to extend some coronavirus aid, including unemployment benefits, a payroll tax holiday, defer student loan payments through 2020 and extend the federal protections from evictions. 

“Given the limited scope of the deal and the positive market reaction, equity investors continue to embed a likelihood that a larger agreement is reached,” Mark Hackett Nationwide’s chief of investment research, said in a note on Monday.

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