| What to watch today: Dow set to jump as investors hope for additional economic stimulus | | |  | MON, OCT 19, 2020 | | | | AS OF MON, OCT 19, 2020 • 08:26 ET | | Dow Jones Fut | | 28,606.31 | | Current: | 28,586.00 | | Change: | 178.00 | | Impl. Open: | 95.69 | | | S&P 500 Fut | | 3,483.81 | | Current: | 3,488.25 | | Change: | 26.00 | | Impl. Open: | 12.84 | | | NASDAQ 100 Fut | | 11,852.17 | | Current: | 11,910.50 | | Change: | 112.50 | | Impl. Open: | 70.33 | | | Russell 2000 Mini | | 1,633.81 | | Current: | 1,637.60 | | Change: | 10.50 | | Impl. Open: | 11.39 | | Dow futures pointed to a gain at Monday's open as investors held out hope that lawmakers and the White House can agree on a new package of coronavirus economic relief. However, rising coronavirus cases capped those gains. Federal Reserve Chairman Jerome Powell makes a virtual appearance at the IMF's annual meeting Monday morning. (CNBC)
The Dow and S&P 500 on Friday ended three-session losing streaks but gave up most of their gains in the final hour of trading as tech stocks sold off. The Nasdaq closed modestly lower for its fourth negative session in a row. As of Friday's close, all three benchmarks were about 3% away from their records. (CNBC) | | | | As the U.S. and many economies around the world continue to struggle under the weight of the pandemic, China's economy grew 4.9% year over year in the third quarter after an advance of 3.2% in the second quarter. China's gross domestic product contracted 6.8% in the first quarter. The coronavirus emerged in China late last year. (CNBC) | | | | Apple (AAPL) sold more iPhone 12 models in the first 24 hours of preorders last week than iPhone 11 models sold in the same period last year, according to top Apple analyst Ming-Chi Kuo of TF International Securities. However, for the full weekend of preorders, which ended Sunday, Kuo predicted Apple would sell fewer iPhone 12s than iPhone 11s over the same time frame. (CNBC) | House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are expected to talk Monday after failing to come to an agreement on stimulus over the weekend. After negotiations Saturday, the California Democrat set a 48-hour deadline to reach a deal before the Nov. 3 election, saying the deadline has to do with lawmakers' ability get things done in that time frame. (CNBC)
The GOP-controlled Senate, which is nowhere near the latest $2.2 trillion House bill, plans to vote on a $500 billion coronavirus stimulus bill Wednesday. Senate Democrats blocked a bill of that size last month. The White House has offered to go as high as $1.8 trillion. (CNBC) | | | The number of confirmed coronavirus cases around the world topped 40 million on Monday, according to data from Johns Hopkins University, at a time when Europe and the U.S. are seeing new waves of infections. When adjusting for population, Europe reported new daily cases of 187 infections per million people, based on a seven-day average, compared with 162 per million people in the U.S. (CNBC)
In the U.S., coronavirus cases grew by 5% or more in 38 states, as of Friday, according to a CNBC analysis of data compiled by Johns Hopkins that uses a weekly average to smooth out the reporting. The nation is averaging roughly 55,000 new cases every day, a more than 16% increase compared with a week ago. (CNBC) | | | | CVS Health (CVS) said Monday it wants to immediately hire 15,000 employees to prepare for an expected rise in coronavirus cases and the seasonal flu this fall and winter. More than two-thirds of those new workers will be licensed pharmacy technicians who can help dispense medications and administer Covid-19 tests. (CNBC) | | | In the race for a coronavirus vaccine, Britain's National Health Service is preparing for a possible mass rollout of the AstraZeneca-Oxford University candidate soon after Christmas, according to The Times of London. The British government this weekend expanded the number of health-care workers able to give people shots.
The U.K.'s Daily Mail published a video showing "several hundred thousand doses" of U.S.-based Pfizer's coronavirus vaccine candidate rolling off the production line at a manufacturing plant in Belgium. Pfizer and its German partner BioNTech are running late-stage trials. They hope to make 100 million doses available this year. | | FedEx (FDX) and United Parcel Service (UPS) have told some of their largest shippers that most of their holiday capacity is already spoken for, according to The Wall Street Journal. The shipping crunch has sent retailers on a difficult search for alternatives, with companies like DHL and LaserShip already seeing holiday shipping availability booked months in advance. | | | | American Airlines (AAL) is planning a December return to service for the currently grounded Boeing (BA) 737 Max jet, pending Federal Aviation Administration recertification of the aircraft. American wil | | | | Philips (PHG) reported better-than-expected third-quarter results, with the Amsterdam-based health technology company seeing increased demand for hospital equipment spurred by the pandemic. | | | | AMC Entertainment (AMC) plans to resume operations at theaters in New York State on Oct. 23, meaning it will be operational in 44 of the 45 states in which it operates. | | | | Oilfield services company Halliburton (HAL) earned 11 cents per share for its latest quarter, 3 cents a share above estimates. Revenue came in below Wall Street forecasts, however, as lower oil prices impacted demand for the company's services. | | | | ConocoPhillips (COP) will buy rival energy producer Concho Resources (CXO) in an all-stock transaction valued at $9.7 billion. Concho shareholders will receive 1.46 ConocoPhillips shares for every share they now own. CNBC's David Faber had reported last week that the two sides were in late-stage talks about a possible deal. | | | | Kinross Gold (KGC), a gold mining company, is considering selling its North and South American gold mines and moving its primary stock listing to London, according to a report in the Globe and Mail newspaper. | | | | Cable operator Altice USA (ATUS) increased its unsolicited bid for Canadian cable company Cogeco to $8.4 billion from the prior $7.8 billion. It is also offering to sell Cogeco's Canadian assets to Canadian cable giant Rogers Communications for about $4 billion, which would leave it with all of Cogeco's U.S. assets. | | | | Politico reports that no Democratic state attorneys general are expected to join in an antitrust lawsuit against Alphabet's (GOOGL) Google unit. The suit is expected to be filed this week. | | Disney (DIS) is adding warnings to some older films about scenes that include "negative depictions" and "mistreatment of people or cultures." The 12-second disclaimer, which cannot be skipped, tells viewers, in part: "These stereotypes were wrong then and are wrong now. Rather than remove this content, we want to acknowledge its harmful impact" and learn from it. (NY Times) | |  | | |
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