US futures traded sideways on Tuesday, after President Trump returned to the White House and before a speech by Fed Chairman, Jay Powell.
Trump spent less than three days at the Walter Reed Medical Center. His medical team said Trump "may not entirely be out of the woods yet" but had met or exceeded standards for discharge from hospital.
Ahead, the street will assess Powell’s language for any cues relating to the state of the economy when he addresses the National Association for Business Economics annual meeting this morning at 10:40am EST.
In recent weeks, Fed officials have stressed that the recovery is highly dependent on the nation’s ability to better contain infections, and that further fiscal stimulus is likely required to support jobs and incomes.
Today's economic calendar also includes; Goods and Services Trade for August at 8:30am and JOLTs Job Openings for August at 10:00am EST.
Levi Strauss (LEVI) and Paychex (PAYX) will both report earnings today.
TODAY'S TOP HEADLINES
Politics: Trump Isolates At White House As Recovery Continues. (WSJ)
President Trump began his first day out of the hospital Tuesday after three days of treatment for Covid-19, as he grapples with a series of positive tests among his advisers while getting his campaign on track.
Today's Economical Announcements.
08:30AM - ★★☆ - Exports (Previous: 168.10B)
08:30AM - ★★☆ - Imports (Previous: 231.70B)
10:00AM - ★★★ - JOLTs Job Openings (Aug) (Previous: 6.618M)
10:40AM - ★★★ - Fed Chair Powell Speaks
STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Sonos (SONO), Logitech (LOGI): [NEWS] Apple (AAPL) has stopped selling wireless speakers and headphones from other companies ahead of its own product launches, according to a Bloomberg report. Products from Bose, Sonos and Logitech are now absent from Apple’s online store.
Pfizer (PFE), BioNTech (BNTX): [NEWS] European Union regulators have begun a rolling review of the Covid-19 vaccine candidate being developed by Pfizer and BioNTech. It had launched a similar review of AstraZeneca’s (AZN) vaccine candidate last week.
Spartan Energy Acquisition Corp. (SPAQ): [NEWS] The special purpose acquisition company announced an Oct. 28 special shareholder meeting to approve the combination of Spartan and electric vehicle maker Fisker.
Alexion Pharmaceuticals (ALXN): [NEWS] Said it would raise its full-year revenue guidance by more than $200 million when it reports quarterly earnings on Oct. 22. It also said it expects to return at least $3 billion to shareholders through a multi-year stock buyback program. Alexion revealed those updates in a news release prior to its virtual Investor Day today.
Social Capital Hedosophia (IPOC): [NEWS] The special purpose acquisition company is taking Medicare Advantage insurance provider Clover Health public through a merger deal valuing Clover at $3.7 billion.
Southwest Airlines (LUV): [NEWS] Is asking its employee unions to agree to pay cuts, in return for not furloughing or laying off employees through 2021. Non-union salaries will be cut by 10% until the beginning of 2022.
Cisco Systems (CSCO): [NEWS] Was ordered to pay $1.9 billion to Virginia-based cybersecurity company Centripetal, which had accused Cisco of copying its patents. Cisco was ruled to have infringed 4 of 5 patents, but said it was disappointed with the decision and plans to appeal.
Dollar Tree (DLTR): [NEWS] Plans to hire more than 25,000 holiday season workers. Many of those jobs will be at the discount retailer’s distribution centers, as online shopping surges due to the pandemic.
Costco (COST): [UPGRADE] Upgraded to “overweight” from “equal weight” at Barclays, based on healthy customer traffic levels, “not particularly tough” comps, and sustainable profit margin expansion.
Alphabet (GOOGL): [NEWS] Has rebranded its “G Suite” of business tools as “Google Workspace,” and also announced new pricing tiers and features in its ongoing competition with Microsoft’s (MSFT) Office products.
Amgen (AMGN): [NEWS] Announced positive results in a phase 2 study of an experimental treatment for non-small cell lung cancer.
Alteryx (AYX): [NEWS] Announced that board member Mark Anderson will succeed company co-founder Dean Stoecker as CEO, effective immediately, with Stoecker remaining as chairman. Alteryx also increased its third-quarter revenue outlook.
Northrop Grumman (NOC): [UPGRADE] RBC upgraded the defense contractor’s stock to “outperform” from “sector perform,” noting a recent ballistic missile contract award as well as third-quarter underperformance by the stock. RBC said this sets up a compelling risk/reward profile for Northrop Grumman shares.
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