Futures Pointing To Mixed Open On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Tuesday, 10 November 2020 11:14:47 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( ["All In" Buy Alert Issued for $10 Stock Update]( How to Tap Into the Most Powerful Income Stream in America... [Click Here for Details]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a mixed open on Tuesday, suggesting stocks are likely to move in opposite directions in early trading. The mixed performance by the futures suggests traders may continue to cycle out of tech stocks that benefited from the coronavirus pandemic and into cyclical stocks that struggled. Stocks that benefited from the coronavirus-induced lockdowns such as Zoom (ZM), Amazon (AMZN) and Netflix (NFLX) are seeing further downside after falling sharply on Monday. The shift comes as upbeat news about a coronavirus vaccine being developed by Pfizer (PFE) and BioNTech (BNTX) has generated optimism business may return to normal next year. However, there could be more pain between now and then, as coronavirus cases in the U.S. continue to spike and have now topped 10 million. Even the most optimistic projections suggest it will take months to distribute a vaccine, suggesting yesterday?s spike to record highs may have been overdone. After skyrocketing early in the session, stocks gave back ground over the course of the trading day on Monday. The major averages pulled back sharply going into the close, with the tech-heavy Nasdaq tumbling into negative territory. The Dow soared by more than 1,600 points in early trading to reach a new record intraday high before ending the session up 834.57 points or 3 percent at 29,157.97, its highest closing level in well over eight months. The S&P 500 jumped 41.06 points or 1.2 percent to 3,550.50 but ended the session well off the record intraday high set in early trading. Meanwhile, the Nasdaq slumped 41.06 points or 1.2 percent to 3,550.50, as traders moved money out of tech stocks that benefited from the coronavirus pandemic. The early rally on Wall Street came following upbeat results from a phase 3 study of the coronavirus vaccine being developed by Pfizer and BioNTech. Pfizer and BioNTech said an interim analysis of the results found the vaccine candidate to be more than 90 percent effective in preventing COVID-19 in participants without evidence of prior infection. "Today is a great day for science and humanity," said Pfizer Chairman and CEO Dr. Albert Bourla. "The first set of results from our Phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine's ability to prevent COVID-19." The companies said they plan to submit the vaccine for regulatory approval in the U.S. and Europe soon after the required safety milestone is achieved, which is currently expected to occur in the third week of November. The vaccine news added to positive sentiment generated in reaction to the weekend's news that Democratic candidate Joe Biden's is projected to win the presidential election. Several major news organizations called the race for Biden on Saturday after projecting the former Vice President will win Pennsylvania and its 20 electoral votes. The apparent victory for Biden potentially sets up a divided government, with control of the Senate likely to be decided by two run-off elections in Georgia. However, President Donald Trump has refused to concede the race, alleging widespread voter fraud and launching legal challenges in several key states. Despite the late-day pullback by the broader markets, Cruise operators Carnival Corp. (CCL), Norwegian Cruise Line (NCLH) and Royal Caribbean (RCL) still skyrocketed on the day following the upbeat coronavirus vaccine news. Substantial strength also remained visible among airline stocks, as reflected by the 19.3 percent spike by the NYSE Arca Airline Index. The index soared to its best closing level in five months. Energy stocks also held on to strong gains amid a sharp increase by the price of crude oil, with crude for December delivery jumping $3.15 to $40.29 a barrel. Financial, steel and chemical stocks also turned in particularly strong performances on the day but closed off their highs of the session. Meanwhile, gold stocks moved sharply lower, dragging the NYSE Arca Gold Bugs Index down by 6.8 percent. The sell-off came as the price of gold plunged by nearly $100 an ounce. Housing, retail and software stocks also came under considerable pressure over the course of the session, contributing to the pullback by the broader markets. --------------------------------------------------------------- [Man Who Predicted 2020 Gold Rally Issues New Call]( Gold expert explains why massive shift happening right now in the financial markets could create biggest opportunity in last 100 years. [Click here to know more.]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( At 10 am ET, the Labor Department is scheduled to release the results of its Job Openings and Labor Turnover Survey for the month of September. Boston Federal Reserve President Eric Rosengren is also due to speak about different aspects of financial stability at a UBS Virtual Conference event at 10 am ET. At 1 pm ET, the Treasury Department is scheduled to announce the results of its auction of $41 billion worth of ten-year notes. Federal Reserve Vice Chair for Supervision Randal Quarles is due to testify about ?Supervision and Regulation? before the Senate Banking Committee at 2 pm ET. At 4 pm ET, Rosengren is scheduled to again speak about different aspects of financial stability at a Harvard University Kennedy School of Government virtual event. Federal Reserve Governor Lael Brainard is due to speak about ?Community Reinvestment Act Modernization? at the National Congress of American Indians Annual Convention virtual event at 5 pm ET. --------------------------------------------------------------- --------------------------------------------------------------- Stocks in Focus Shares of Beyond Meat (BYND) are moving sharply lower in pre-market trading after the plant-based burger maker reported an unexpected third quarter loss on revenues that came in below analyst estimates. Cybersecurity company CyberArk Software (CYBR) is also likely to come under pressure after reporting third quarter earnings that beat estimates but on weaker than expected revenue. The company also forecast fourth quarter revenue below expectations. On the other hand, shares of Boeing (BA) are likely to see initial strength after a report from Reuters said the FAA is set to lift its grounding order on the aerospace giant?s 737 MAX as early as next week. Homebuilder D.R. Horton (DHI) may also move to the upside after reporting better than expected fourth quarter results, raising its dividend and providing upbeat guidance. --------------------------------------------------------------- --------------------------------------------------------------- Europe European stocks are mostly higher on Tuesday as signs of progress in the development of a Covid-19 vaccine raised hopes for a normal business year in 2021. The upside remained capped as Italy ramped up business restrictions in Tuscany and four other regions to rein in the second wave of the pandemic. While the U.K.?s FTSE 100 Index has jumped by 1.4 percent, the French CAC 40 Index is up by 1 percent and the German DAX Index is up by 0.3 percent. Shopping mall owner Unibail-Rodamco-Westfield has skyrocketed after its shareholders voted against a planned 3.5 billion-euro ($4.15 billion) rights issue. Oxford Instruments has also soared. The provider of equipment to the scientific community expects its full-year performance to be ahead of current analyst forecasts. Nordex Group has also moved sharply higher after the wind turbine manufacturer presented new guidance for the current 2020 financial year. Meanwhile, homebuilder Persimmon has come under pressure despite saying it was on course to deliver a good result for the full year. Premier Foods, the maker of Oxo stock cubes and Bisto gravy, has also moved notably lower despite raising its full-year profit guidance. Shares of sportswear firm Adidas have also tumbled after the company reported decreases in quarterly revenue and profit. Freight and logistics group Deutsche Post has also moved to the downside despite reporting an increase in net profit and revenue for the third quarter. In economic news, the ZEW economic research institute said its economic sentiment index for Germany fell to 39.0 in November from 56.1 in October. A government report showed French industrial production increased 1.4 percent month-on-month in September following a 1.1 percent rise in August. The rate was forecast to ease to 0.8 percent. The U.K. ILO jobless rate rose by 0.7 percentage points from the previous quarter to 4.8 percent in three months to September, as economists' expected, data from the Office for National Statistics showed. Meanwhile, the employment rate dropped 0.6 percent from the preceding quarter to 75.3 percent. Separately, data from the British Retail Consortium revealed that U.K. retail sales increased notably in October as customers resorted to stockpiling ahead of the nationwide lockdown. Total retail sales grew 4.9 percent on a yearly basis in October and like-for-like sales advanced 5.2 percent. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks ended mostly higher on Tuesday after U.S. drug maker Pfizer and its German partner BioNTech announced positive results from their coronavirus vaccine trial, helping boost hopes of a swifter global economic recovery. Chinese shares fell as the latest inflation data rekindled worries about deflation. The benchmark Shanghai Composite Index dropped 13.59 points, or 0.40 percent, to 3,360.15, while Hong Kong's Hang Seng Index jumped 285.31 points, or 1.1 percent, to 26,301.48. Consumer prices in China were up just 0.5 percent year-on-year in October, the National Bureau of Statistics said in a report. That was shy of expectations for 0.8 percent and down sharply from 1.7 percent in September. On a monthly basis, consumer prices sank 0.3 percent - again missing forecasts for an increase of 0.2 percent, which would have been unchanged. The bureau also said that producer prices were down an annual 2.1 percent - unchanged from the previous month but missing expectations for a decline of 2.0 percent. Japanese shares ended a choppy session higher on hopes of a quick economic recovery from the coronavirus pandemic after Prime Minister Yoshihide Suga instructed his cabinet to design a fresh stimulus package. The Nikkei 225 Index rose 65.75 points, or 0.3 percent, to 24,905.59, marking its highest close since November 5, 1991. The broader Topix closed 1.1 percent higher at 1,700.80. Central Japan Railway, East Japan Railway, West Japan Railway, JFront Retailing and ANA Holdings were among the top performers, with gains ranging between 15 percent and 18 percent. Japan posted a current account surplus of 1,660.2 billion yen in September, a government report showed today. That was up 4.2 percent from last year. Imports were down 19.2 percent, while exports fell an annual 4.2 percent. Australian markets rose notably, with oil and travel-related stocks leading the surge. The benchmark S&P/ASX 200 Index climbed 41.70 points, or 0.66 percent, to 6,340.50, while the broader All Ordinaries Index ended up 28.30 points, or 0.4 percent, at 6,544. Qantas Airways, Flight Centre Travel Group and Sydney Airport Holdings soared 8-10 percent on news of a coronavirus vaccine breakthrough. Realty stocks gained ground, with Scentre Group rising 14.5 percent and Dexus surging more than 8 percent. Oil Search jumped 16.6 percent and Santos climbed over 12 percent after comments from the Saudis, OPEC's top producer and de facto leader, sent oil prices surging by 8 percent on Monday. Meanwhile, tech stocks followed their U.S. peers lower. Afterpay gave up 10.9 percent and Appen declined 8.9 percent. Gold miners Evolution Mining and Northern Star Resources lost 10-11 percent after gold prices recorded the steepest slide in over seven years overnight. Australiam business confidence improved to its highest level since mid-2019, driven by the fall in Covid-19 cases and looming end of lockdown, survey results from the National Bank of Australia showed today. The business sentiment index advanced to +5 in October from -4 in the previous month. The improvement in confidence was encouraging but remained fragile, and it would likely remain that way until a vaccine is available, NAB said. Seoul stocks rose for the seventh straight day as vaccine hopes bolstered investors' risk appetite. The benchmark Kospi inched up 5.63 points, or 0.2 percent, to close at 2,452.83. Tech stocks bucked the uptrend, with Internet portal giants Naver and Kakao losing 4-5 percent. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It?s a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are inching up $0.16 to $40.45 a barrel after spiking $3.15 to $40.29 a barrel on Monday. Meanwhile, after plummeting $97.30 to $1,854.40 an ounce in the previous session, gold futures are climbing $19.50 to $1,873.90 an ounce. On the currency front, the U.S. dollar is trading at 105.31 yen compared to the 105.38 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1799 compared to yesterday?s $1.1813. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. 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