Three Sectors to Watch if Biden Wins
What’s in Today’s Report:
- Three Sectors to Watch if Biden Wins
Stock futures pulled back overnight on news that JNJ halted a phase 3 trial for a COVID-19 vaccine due to an adverse reaction in one of the volunteers, however, futures have since stabilized and are only modestly lower this morning.
Economically, Chinese trade data showed that exports continued to rise in September, up from 9.5% to 9.9% pointing to an ongoing recovery in the Chinese economy.
Today, there is one economic release due ahead of the bell: CPI (E: 0.2%) and one Fed speaker late this evening: Daly (8:00 p.m. ET) but neither is expected to materially move markets given the other market influences on the calendar today.
The first of which is the start of Q3 earnings season with several big names scheduled to release results including: JPM ($2.35), C ($1.01), DAL (-$3.10), JNJ ($1.99), FAST ($0.37), FRB ($1.38), and BLK ($7.46).
Additionally, today is Amazon’s “Prime Day” so online shopping activity will be significantly elevated but if initial reports suggest a weaker than anticipated consumer turnout, the disappointment could weigh on stocks.
Apple is also set to unveil the latest iPhone models at a product launch and given the weight the stock carries in the major indexes, a good event will be good for markets while an underwhelming event could see a good portion of yesterday’s gains given back.
