Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

US benchmarks race out of the blocks Monday on reports of President Trump's health and stimulus package hopes

% of readers think this story is Fact. Add your two cents.


9.50am: US stocks ahead at start

US benchmarks started the new trading week on the front foot as investors turn more positive on a fiscal stimulus package being agreed and after reports that President Trump could be discharged from hospital as early as today.

The Dow Jones Industrial Average added over 260 points at the open at 27,941, with all 30 of its constituents green at the open. The S&P 500 gained 30 points at 3,378.

The tech-laden Nasdaq index started in New York over 111 points higher at 11,186.

Trump was flown to the Walter Reed Hospital in Maryland on Friday after it was revealed he had tested positive for coronavirus (COVID-19) and been given a cocktail of drugs but reports Monday suggest he is now on the mend. He has also sent several tweets.

It adds to the sense that the election race for the presidency, with the vote due on November 3 may now be a little less chaotic.

In focus this week, which is a little light on macro-economic data, will be Federal Reserve talk, according to Deutsche Bank research analyst Brett Ryan.

He highlights chairman Jerome Powell’s NABE address on Tuesday, and the release of the minutes to the September FOMC meeting, along with New York Fed President Williams’ (dove) discussion of flexible average inflation targeting on Wednesday.

“The messaging from Fed leadership has been clear since Jackson Hole. Nevertheless, we are interested in any indication that Powell and Williams’ outlooks have changed materially with the recent breakdown in fiscal stimulus talks, which officials have been forceful in noting are critical to the outlook,” he said in a note.

7.45am: Wall Street poised to recover

US stocks look set for an early recovery on Monday after Friday’s jolts to market complacency from the US jobs numbers and news of President Trump succumbing to the coronavirus.

Hopes that Trump will be released from the hospital today look set to encourage buyers back into the market while some are also looking for progress on talks over the proposed stimulus package for the US economy.

Spread betting quotes indicate the Dow Jones Industrials Average will open around 179 points higher at about 27,862 while the S&P 500 is tipped to open 23 points firmer at 3,371.

The tech-heavy Nasdaq Composite is set to start some 285 points higher at about 11,360.

“US politicians have yet to reach a deal on the proposed Covid-19 relief package. The Democrats are pushing for a package of $2.2 trillion, while the Republicans are interested in a scheme worth $1.6 trillion. Nancy Pelosi of the Democrats has been in contact with the Treasury Secretary, Steven Mnuchin, recently. The stimulus package talks are likely to remain in focus,” noted CMC Markets’ David Madden.

“Over the weekend, President Trump called upon both sides to reach an agreement. It is clear the US leader wants to pump out positive headlines going into the last few weeks of the presidential election. Yesterday, Pelosi said that progress was being made in relation to a package,” he added.

On the macroeconomic front, the cupboard is not entirely bare but neither is it choc-a-bloc.

The ISM Non-Manufacturing Survey is scheduled for release, with the consensus forecast being a reading of 56.2 from the previous value of 56.9.

“The initial huge rebound in the index is over, but with retail sales back on their pre-Covid track last month, we would be surprised to see a significant weakening,” said Pantheon Macroeconomics.

“Later in the fall, though, we expect the index to decline further as consumers’ spending softens in the wake of the hit from the expiration of enhanced unemployment benefits,” it added.

Five things to watch for on Monday:

  • Regal cinemas chain owner Cineworld said it will close its movie theatres in the US and the UK  this week, leaving as many as 45,000 workers unemployed, as it fights a coronavirus-related collapse in film releases and cinema-going.
  • Indonesia’s government is in early discussions with electric vehicles maker Tesla Inc (NASDAQ:TSLA) about a potential investment in the Southeast Asia country, a major producer of nickel, an official told Reuters.
  • Alphabet Inc’s Google has extended its deadline for Indian app developers to comply with a new billing system for commission fees by six months, days after local start-ups voiced anger about the charges.
  • Bristol Myers Squibb Co.is to buy MyoKardia Inc MYOK.O for about $13 billion to bolster its portfolio of heart disease treatments, as it seeks to reduce some of its dependence on cancer drugs.
  • Danimer Scientific has agreed to go public by merging with blank-check acquisition company with Live Oak Acquisition Corp in a deal which values the US bioplastics company at around $890 million.

Story by ProactiveInvestors


Source: https://www.proactiveinvestors.com/companies/news/930669/us-benchmarks-race-out-of-the-blocks-monday-on-reports-of-president-trump-s-health-and-stimulus-package-hopes-930669.html


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover -  Reduces Smart Meter radiation by 96%! (See Video).

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.