U.S. Futures Just Higher; Stimulus, Gilead Drug in Focus

U.S. Futures Just Higher; Stimulus, Gilead Drug in Focus

Investing.com  | Oct 23, 2020 12:00

U.S. Futures Just Higher; Stimulus, Gilead Drug in Focus

By Peter Nurse   

Investing.com - U.S. stocks are seen opening slightly higher Friday, as investors digest the final presidential debate while waiting for fresh news over a potential new coronavirus stimulus package.

At 7:05 AM ET (1125 GMT), S&P 500 Futures traded 8 points, or 0.2%, higher, the Dow Futures contract rose 92 points, or 0.3%, while Nasdaq 100 Futures climbed 10 points, or 0.1%. 

The Dow Jones Industrial Average and the S&P 500 are on course to break a three-week winning streak, and the Nasdaq Composite is set to post its first down week in five.

President Donald Trump and Democrat candidate Joe Biden took part late Thursday in the final televised debate of the presidential election campaign in Nashville, Tennessee, as the clock ticks down to the November election.

“The final debate was substantially less esoteric than the first and it will likely not prove to be a gamechanger for neither the presidential race nor for markets,” said Nordea analyst Andreas Steno Larsen, in a research note.

Of more immediate importance for investors are the prospects for a U.S. stimulus package passing Congress before the Nov. 3 election. House Speaker Nancy Pelosi said late Thursday that a deal on stimulus “just about there," though added that key issues including state and local funding as well as liability protection were yet to be resolved. 

The earnings calendar is light Friday, after a heavy week, with American Express (NYSE:AXP) the main highlight. Elsewhere, the corporate focus is likely to be on Intel (NASDAQ:INTC), after the chipmaker reported its margins tumbled in the latest quarter, and Gilead Sciences (NASDAQ:GILD), after its Covid-19 drug was approved by the Federal Food & Drug Administration to treat patients requiring hospitalization.

Looking at economic data, the main release will be the October flash services and manufacturing PMI releases. The European equivalents showed a patchy picture, with a slowdown in services as many countries went back into partial shutdowns, while the dominant German manufacturing sector boomed. The latter was also reflected in Mercedes-Benz parent Daimler  (OTC:DMLRY) lifting its guidance for the year.

Oil prices edged higher Friday, continuing the previous session’s strong gains after Russia’s President Vladimir Putin didn't rule out delaying scheduled production hikes by the OPEC+ alliance.

The Organization of Petroleum Exporting Countries and its allies, including Russia, a group known as OPEC+, faces a decision on whether to further restrain crude output at a meeting scheduled to start in late November amid pressure on fuel demand caused by fresh coronavirus restrictions.

U.S. crude futures traded 0.2% higher at $40.71 a barrel, while the international benchmark Brent contract fell 0.2% to $42.56. Both contracts posted gains of over 1.5% on Wednesday, but are still currently heading for their first weekly loss in three.

Elsewhere, gold futures rose 0.4% to $1,912.60/oz, while EUR/USD traded 0.2% higher at $1.1844.

 

Latest comments

Add a Comment
Please wait a minute before you try to comment again.
Discussion
Write a reply...
Please wait a minute before you try to comment again.

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

English (USA) English (India) English (Canada) English (Australia) English (South Africa) English (Philippines) English (Nigeria) Deutsch Español (España) Español (México) Français Italiano Nederlands Português (Portugal) Polski Português (Brasil) Русский Türkçe ‏العربية‏ Ελληνικά Svenska Suomi עברית 日本語 한국어 简体中文 繁體中文 Bahasa Indonesia Bahasa Melayu ไทย Tiếng Việt हिंदी
Sign out
Are you sure you want to sign out?
NoYes
CancelYes
Saving Changes

+

Download the Investing.com App

Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.

Investing.com is better on the App!

More content, faster quotes and charts, and a smoother experience is available only on the App.