US equity futures ticked lower on Wednesday, after an acrimonious US presidential debate highlighted the risks regarding a contested election.
During the 90-minute debate, President Donald Trump escalated efforts to undermine confidence in the election, saying at one point that vote-by-mail could enable fraud and that the election was already "rigged".
"This is going to be a fraud like you’ve never seen”, the President said.
Delays to stimulus are also worrying investors, who fear the economy will need fresh support in the absence of a Covid-19 vaccine timeline.
House Speaker, Nancy Pelosi, and Treasury Secretary, Steven Mnuchin, are actively pushing to reach an agreement on relief before November, despite skepticism on Capitol Hill that a deal is possible at this stage.
Ahead, in today's economic calendar, Wednesday includes; the National Employment Report for September at 8:15am, the third estimate of Q2 GDP at 8:30am, Chicago PMI for September at 9:45am, Pending Home Sales for August at 10:00am and Crude Inventories at 10:30am EST.
TODAY'S TOP HEADLINES
Politics: Trump, Biden Clash In Contentious First Debate. (The WSJ)
President Trump and Joe Biden clashed over the Supreme Court, the coronavirus and the economy in a debate marked by interruptions and insults from both candidates.
Today's Economical Announcements.
08:15AM - ★★★ - ADP Nonfarm Employ. (Sep) (Previous: 428K)
08:30AM - ★★★ - GDP (Q2) (Previous: -5.0%)
09:45AM - ★★☆ - Chicago PMI (Sep) (Previous: 51.2)
10:00AM - ★★★ - Pending Home Sales (Aug) (Previous: 5.9%)
10:30AM - ★★★ - Crude Oil Inventories (Previous: -1.639M)
STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Micron Technology (MU): [EARNINGS] Beat estimates by 9 cents a share, with quarterly earnings of $1.08 per share. The chip maker’s revenue also beat forecasts. Micron gave a lower-than-expected current-quarter revenue estimate, however, partly due to the U.S. government ban on shipments to China’s Huawei Technologies.
Moderna (MRNA): [NEWS] Moderna’s experimental Covid-19 vaccine appears safe and shows signs of working in older adults, according to study results published in the New England Journal of Medicine.
Canada Goose (GOOS): [UPGRADE] Upgraded to “outperform” from “market perform” at Cowen, which noted the company’s strong brand equity and global strength.
Walt Disney (DIS): [NEWS] Is cutting 28,000 jobs in its theme parks division, as the coronavirus impacts park visits and as the company’s flagship Disneyland resort remains closed for the foreseeable future due to restrictions imposed by California.
Duke Energy (DUK): [NEWS] Was approached by NextEra Energy (NEE) about a takeover recently, according to people familiar with the matter who spoke to The Wall Street Journal The paper said Duke rejected the approach but that NextEra was still interested in pursuing a combination of the two Southern utility companies.
Caesars Entertainment (CZR): [NEWS] The casino operator’s $3.7 billion bid to buy William Hill was accepted by the British betting firm, with William Hill saying it believed the deal was the best option for shareholders at an attractive price.
Dow Inc. (DOW): [NEWS] Announced plans to reduce its global workforce costs by 6%, although it did not announce how many jobs might be cut. It will take a current quarter charge of $500 million to $600 million in connection with the restructuring.
Starbucks (SBUX): [UPGRADE] Upgraded to “outperform” from “market perform” at Cowen, which notes that the coffee chain has expanded digital access with new pay options and also seen rapid growth in curbside pickup.
General Motors (GM): [NEWS] Will not close its deal to buy a stake in electric truck maker Nikola (NKLA) today, according to sources who spoke to CNBC’s Phil LeBeau. Talks between the two sides will continue, however, amid accusations by short-seller Hindenburg Research that Nikola had misled investors about its technology.
Regeneron Pharmaceuticals (REGN): [NEWS] Said its experimental Covid-19 treatment was effective in treating early-stage illness, improving symptoms and reducing virus levels in patients who were not hospitalized.
Apple (AAPL): [NEWS] CEO Tim Cook was granted 333,987 restricted stock units, his first stock grant since 2011. Apple’s board said it made the award in recognition of Cook’s “outstanding leadership.”
Sherwin-Williams (SHW): [GUIDANCE] Boosted its sales and profit outlook, thanks in large part to a boost in painting projects by homebound consumers.
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(YALA) Yalla Group (Low: 7, High: 9) (Est. Vol: $148.8M)
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