USA futures muted ahead of next batch of bank earnings

USA futures muted ahead of next batch of bank earnings”

The major stock index ETFs are showing weakness on Tuesday along with their underlying benchmarks, as the SPDR Dow Jones Industrial Average ETF (DIA), SPDR S&P 500 ETF Trust (SPY), and Invesco QQQ Trust (QQQ) are all slipping as of 130PM EST.

"As U.S. case counts heads north into October, the market is evidently still very much sensitive to the twist and turns of the vaccine development and perhaps now more than ever still lacking another fiscal injection to plug the gap into the year-end", Jingyi Pan of IG said in a commentary.

The Dow Jones Industrial Average fell 158.04 points, or 0.55 per cent, to 28,679.48, the S&P 500 lost 22.51 points, or 0.64 per cent, to 3,511.71 and the Nasdaq Composite dropped 12.36 points, or 0.1 per cent, to 11,863.90. Investors were weighing third-quarter earnings reports from several big companies and news that Johnson & Johnson had to temporarily pause a late-stage study of a potential COVID-19 vaccine. The technology-heavy selection index Nasdaq 100, which was particularly strong the day before, held its own with a minus of only 0.04 percent to 12,083.17 points. The pullback came as many forces are pushing and pulling on markets simultaneously.

On Tuesday, independent monitors paused enrollment in a study testing the COVID-19 antiviral drug remdesivir plus an experimental antibody therapy being developed by Eli Lilly. The Russell 2000 index of small-cap stocks fell 0.7%, to 1,636.85.

Wall Street stocks were higher at the bell on Wednesday amid a flurry of corporate earnings.

All three major US stock indexes slipped into the red by mid-afternoon.

The banking giant said Tuesday it had net income of $$9.443 billion, or $2.92 a share in the third quarter, in contrast with $9.080 billion, or $2.68 a share, in the year-prior period.

The IMF said Tuesday it expects the global economy to shrink 4.4% in 2020. The world economy contracted by a far smaller 0.1% after the devastating 2008 financial crisis.

More news: UK PM's tough moves to fight coronavirus win parliament backing

Energy stocks rose the most among major S&P sectors on the back of a rise in oil prices.

Meanwhile, another heavy dose of stimulus for the US economy is looking increasingly unlikely. According to the Department of Labor, so-called final demand prices rose at a month-on-month clip of 0.4%, leading to an acceleration in the year-on-year rate of price gains from -0.2% to 0.4% (consensus: 0.2%).

(MENAFN - Stocks fell for the first time in five days on Tuesday as investors grappled with the latest news regarding US coronavirus stimulus and treatments as well as the first batch of corporate earnings.

The company also reported third-quarter earnings of $2.20 a share, beating analysts' estimates of $1.98. But they're forecasting the decline to moderate from the almost 32% plunge from the spring as the economy has shown signs of improvement. In a letter to colleagues Tuesday, Pelosi called the White House's latest proposal insufficient and said significant changes are needed.

Oil prices were up 77 cents at $40.20 USA a barrel.

Wall Street, investors took it easy after Tuesday's recent gains.

The US dollar strengthened to 105.37 Japanese yen from 105.34 yen. The euro slipped to $1.1743 from $1.1748.

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