Equity markets came out swinging to start the week, with all
four major index futures up at least 0.5% in early morning trading. But traders
likely will be eyeing the fate of the contentious COVID-19 stimulus bill for
further clues to market direction. Speaker of the House Nancy Pelosi set a
48-hour deadline for any potential deal to be passed before the election, so
look out for market-moving news on this front. This news comes as the virus
mounts a resurgence heading into winter with worldwide confirmed cases surpassing 40 million.
In other areas of the market, Federal Reserve Chairman
Jerome Powell will speak at an IMF event this morning, while earnings season is
also coming back into focus this week as companies continue to grapple with the
new pandemic environment. Watch for results from Tesla, Netflix, Intel,
AT&T, Coca-Cola, American Express, Procter & Gamble, Texas Instruments,
Lockheed Martin, and many more. Looking at commodities, crude oil prices is
down about 0.3% this morning after weaker-than-expected 3Q growth from China
that could suggest the rise in coronavirus cases is hurting demand. Gold is
back above the much-watched 1900 level as the U.S. Dollar softens, and natural gas has sunk almost 3%.
*All times are in EST (GMT -5:00)
10:00 AM - U.S. NAHB
Housing Market Index
10:30 AM - CA BoC
Business Outlook Survey
11:30 AM - U.S. 3-Month
11:30 AM - U.S. 6-Month
1:00 PM - U.S. 10-Year
2:00 PM - U.S. Federal
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