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Coming up Slipped, As Hopes of a Fiscal Stimulus Being Approved Before the Presidential Morgan Stanley Reports Third Quarter Election in November Dimmed

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Coming up Slipped, As Hopes of a Fiscal Stimulus Being Approved Before the Presidential Morgan Stanley Reports Third Quarter Election in November Dimmed MARKET RECAP at 4 pm ET Wall Street and Treasury yields Coming Up slipped, as hopes of a fiscal stimulus being approved before the presidential Morgan Stanley reports third quarter election in November dimmed. The earnings, with its trading business dollar fell, while gold gained. Oil prices expected to have benefited from rose, even as concerns over recovery heightened market activity. The bank in fuel demand due to rise in global may also update on its recent coronavirus cases remained. acquisition of E*Trade and planned purchase of Eaton Vance in deals worth a combined $20 billion. REUTERS/Shannon Stapleton STOCKS Close Chng %Chng Yr-high Yr-low On the economic front, a report from DJIA 28514.63 -110.95 -0.58 29568.57 18213.65 the U.S. Labor Department will show import prices likely increased 0.3% in expected to report fourth-quarter Nasdaq 11768.73 -95.17 -0.80 12074.07 6631.42 September, after rising 0.9% in August, results before markets open. Investor S&P 500 3488.66 -23.27 -0.66 3588.11 2191.86 while export prices are likely to have focus will be on impact of the pandemic Toronto 16455.40 -55.43 -0.34 17970.51 11172.73 increased 0.4% in September, and appointment of a new CEO on the FTSE 5935.06 -34.65 -0.58 7689.67 4898.79 Eurofirst 1433.87 -2.29 -0.16 1691.19 1051.38 following a 0.5% increase in the drugstore chain's business levels, Nikkei 23626.73 24.95 0.11 24115.95 16358.19 previous month. The department will especially in the UK. Hang Seng 24667.09 17.41 0.07 29174.92 21139.26 also release its initial jobless claims data for the week ended October 10, Federal Reserve Bank of Atlanta TREASURIES Yield Price which are likely to have fallen to President Raphael Bostic is 10-year 0.7223 2 /32 825,000, after reaching 840,000 in the scheduled to give a presentation on 2-year 0.1410 0 /32 week before. Continued jobless "Equity, the Economy and Benefits 5-year 0.3040 0 /32 claims for the week ended October 3 Cliffs" and participate in a panel before 30-year 1.5021 9 /32 are expected to have fallen to 10.700 a virtual "Reframing Benefits Cliffs: million after reaching 10.976 million in Solutions for an Inclusive Recovery" FOREX Last % Chng the week ended September 26. summit. Additionally, Federal Reserve Euro/Dollar 1.1748 0.03 Meanwhile, the Philadelphia Fed's Bank of Dallas President Robert Dollar/Yen 105.12 -0.34 business index is likely to show a Kaplan will participate in a moderated Sterling/Dollar 1.3026 0.73 reading of 14.0 in October, after a question-and-answer session before a Dollar/CAD 1.3145 0.06 reading of 15.0 in September. virtual U.S. India Chamber of TR/HKEX RMB 94.81 0.19 Commerce Annual Small Business Walgreens Boots Alliance Inc is Forum. In another event, Federal COMMODITIES ($) Price Chng % chng Front Month Crude /barrel 41.04 0.84 2.09 Spot gold (NY/oz) 1901.31 10.49 0.55 Copper U.S. (front month/lb) 0.0305 0.0001 0.16 KEY ECONOMIC EVENTS CRB Index Total Return 160.96 1.20 0.75 Events ET Poll Prior S&P 500 Price $ Chng % Chng NY Fed Manufacturing for Oct 0830 15.00 17.00 GAINERS Import prices mm for Sep 0830 0.3% 0.9% Concho Resources Inc 48.66 4.52 10.24 Export prices mm for Sep 0830 0.4% 0.5% Newell Brands Inc 18.27 0.58 3.28 HollyFrontier Corp 20.50 0.65 3.27 Import prices yy for Sep 0830 -- -1.4% LOSERS Initial jobless claims 0830 825,000 840,000 Wells Fargo & Co 23.25 -1.50 -6.04 Jobless claims 4-week average 0830 -- 857,000 Bank of America Corp 23.63 -1.32 -5.29 Continued jobless claims 0830 10.700 mln 10.976 mln Illumina Inc 330.12 -15.02 -4.35 Reserve Vice Chair for Supervision an Economic Club of New York sales are also expected to fall 9.5% in Randal Quarles will speak on webinar. Also, Federal Reserve Bank August, after falling 12.4% in July. "Response to the COVID Threat" of Minneapolis President Neel Peru's GDP data for August is before a virtual Institute of International Kashkari will speak to NYU Stern scheduled for release. It contracted Finance Annual Meeting. Also, Federal Center for Global Economy and 11.71% in July. Chile's central bank is Reserve Bank of St. Louis President Business. expected to hold its benchmark James Bullard will present an interest rate steady at 0.5%. academic paper and discuss "Monetary The Brazilian central bank will release Policy and Heterogeneity" before a its IBC-Br Economic Activity index, LIVECHAT – REUTERS GLOBAL virtual Federal Reserve Board of likely showing an increase of 1.60% in MARKETS FORUM Governors Conference on Monetary August, after an increase of 2.15% in Reuters correspondents examine the Policy and Heterogeneity. Separately, the previous month. Colombia will state of play in European govvies. Federal Reserve Bank of Richmond release its industrial output data, (0630 ET/1030 GMT) To join the President Thomas Barkin is likely showing output falling by 7.8% in conversation, click here scheduled to speak on "What's Ahead? August, following a decrease of 8.5% in Learning from the CFO Survey" before the previous month. Colombia’s retail KEY RESULTS Company Name* Quarter ET Smart Estimates EPS Estimates** Year Ago Rev Estimates (mln) Charles Schwab Q3 BMO $0.48 $0.46 $0.74 $2,535.70 Intuitive Surgical Q3 AMC $2.12 $2.07 $3.43 $970.97 Morgan Stanley Q3 BMO $1.29 $1.28 $1.27 $10,636.93 Truist Financial Q3 BMO $0.88 $0.89 $0.95 $5,440.47 Walgreens Boots Alliance Q4 07:00 $0.96 $0.96 $1.43 $34,371.57 *Includes companies on S&P 500 index. **Estimates may be updated or revised; release times based on company guidance or past practice. I/B/E/S EPS and revenue estimates, and StarMine Smart Estimates, provided by Refinitiv. 2 Market Monitor Wall Street finished weaker, led lower by Amazon and Microsoft, as investors lost hope that a U.S. fiscal stimulus would be approved before the presidential election in November. “Optimism took hold like a rocket last week and now it’s coming back down to earth a little bit,” said Mike Zigmont, head of trading and research at Harvest Volatility Management in New York. "I think a stimulus as a large macro event is already baked into stock prices. It's just a question of when the details emerge and when the stimulus goes into effect." The Dow Jones Industrial Average fell 0.58% to 28,514.63, the S&P 500 lost 0.66% to 3,488.67 and the Nasdaq Composite dropped 0.80% to 11,768.73. Treasury yields drifted mostly lower A file photo of the Charging Bull statue, also known as the Wall St. Bull, in the financial district as Treasury Secretary Steve Mnuchin during the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, September 9. REUTERS/Carlo Allegri said a deal to combat the economic fallout from the coronavirus pandemic appeared unlikely before the Nov. 3 presidential election. Tom Simons, a "Right now the dollar is simply going barrel, up 2.10%. U.S. crude rose money market economist at Jefferies in back and forth on stimulus news, and it 2.14% to $41.06 a barrel. New York, said aside from virus is not going very far," said Joseph Gold gained, rebounding from a sharp vaccine news, "stimulus is probably the Trevisani, senior analyst at most important news item that the FXStreet.com. The dollar index fell to decline in the previous session, market is trading on. But at this point, 93.35, down 0.19%. The euro edged boosted by a weaker dollar and it's hard to expect that anything is up 0.05% against the dollar to uncertainties surrounding the U.S. election and global economic recovery going to get done this year on that," he $1.1750. boosted the safe haven metal's allure. said. The benchmark 10-year notes were up 2/32 to yield 0.72% and the 30 Oil prices strengthened, even as "The dollar index is down on the day, -year bonds rose 9/32 to yield 1.50%. concerns loomed that recovery in fuel yields are lower which is supporting demand will be stalled by soaring gold and we're also seeing some technical buying probably because The dollar index retreated, a day after global coronavirus cases. "Between the notching its biggest daily percentage dollar, the EIA and the warning from yesterday's correction was a little gain in three weeks, and the euro hit the IEA that may impact future OPEC overdone," said Bart Melek, head of its lowest level in a week as global policy, the tone has turned bullish commodity strategies at TD Securities. Spot gold rose 0.55% to $1,901.16 per equity markets remained cautious on here," said Bob Yawger, director of ounce. U.S. gold futures were 0.68% waning hopes a COVID-19 vaccine or energy futures at Mizuho in New York. U.S. fiscal stimulus was on the horizon. Brent crude futures were at $43.34 a higher at $1,907.40 an ounce.
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