Economy

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 - Baystreet.ca) 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.



Like this

loading...
loading...

Latest


14 October 2020
Premier League clubs reject 'Project Big Picture'
Clubs like Gillingham, who are reliant on matchday income, could have to cope without fans inside Priestfield for much of this season.

14 October 2020
Ole Gunnar Solskjaer still has options as Edinson Cavani ruled out
Paul Scholes believes his former teammate Edwin van der Sar would be the ideal director of football for Manchester United . Manchester United suffered a massive 6-1 defeat at the hands of Tottenham in their previous game in the Premier League .

14 October 2020
Federal judge extends Virginia voter registration deadline
Many people wait until the the day of the deadline to register, particularly after being reminded on social media and in the news. A voter advocacy group, the New Virginia Majority Education Fund, sued for an extension, and a federal judge granted a brief one.

14 October 2020
Trump's Supreme Court Nominee Grilled On Abortion rights, Obamacare
She acknowledged that laws require a justice or judge to recuse him or herself when there is an appearance of bias. Barrett declined to give her personal views and said she would just apply the law and adhere to the rule of law.

14 October 2020
Demi Lovato Releases Political Ballad 'Commander In Chief'
Demi Lovato has released a new single which aims strong criticism at US President Donald Trump . Lovato later continued, "I literally don't care if this ruins my career".

14 October 2020
Bindi Irwin Shares a New Photo of Her Baby Bump
Bindi and Chandler, who married at Australia Zoo in March, first revealed news of Bindi's pregnancy in August. After a lot of time, she recently made a post giving an update on her pregnancy and the baby inside her.

14 October 2020
OnePlus 8T launching tonight: New specs, new accessories
The upcoming OnePlus 8T and OnePlus 8T will pack in AMOLED punch-hole displays featuring bezel-less notch-less screens. Already tonight there will be a presentation of new OnePlus products, including the flagship OnePlus 8T.

14 October 2020
Eddie Van Halen Remembers His Dad In Emotional Clip Shared By Wolfgang
He and actor Valerie Bertinelli married in 1981, had a son, Wolfgang , and divorced in 2007. These were the details of the news Jack Whites Eddie Van Halen Tribut an SNL for this day.

14 October 2020
Facebook : to Ban Ads Discouraging Vaccines
It said it would begin preventing such ads from appearing on its flagship platform and Instagram over the next few days. The campaign is set to start in the U.S. this week and later be expanded to other countries.

14 October 2020
One dead as building collapses at Curtin University campus in Australia
It is part of the Exchange precinct which combines student accommodation and a boutique hotel with teaching spaces. A 23-year-old man has died after a glass roof collapsed at Curtin University in Perth on Tuesday afternoon.