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Stock futures surged Monday morning, ahead of the U.S. presidential election and amid rising coronavirus cases and lockdowns around the world.
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STOCK FUTURES RALLY
Dow Jones futures jumped nearly 400 points, a gain of 1.6%, while the NASDAQ Composite and S&P 500 rose 1.5% and 0.7%, respectively.
This comes as the U.S. surpassed 9 million COVID-19 infections on Friday, a number that is expected to move sharply higher as the colder weather sets in across the country. More than 228,000 people in the U.S. have died as a result of the virus, according to data from Johns Hopkins University.
OIL TUMBLES
Rising lockdowns continue to hurt oil prices, with West Texas Intermediate crude falling below the $35 per barrel level. There are also concerns a victory by Democratic presidential candidate Joe Biden would be bearish for the energy industry, as he has indicated he will toughen up on big oil and ban fracking.
A Monday rebound follows a sharp downturn for equities, which produced the worst week for stocks since March.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26501.6 | -157.51 | -0.59% |
| I:COMP | NASDAQ COMPOSITE INDEX | 10911.59093 | -274.00 | -2.45% |
| SP500 | S&P 500 | 3269.96 | -40.15 | -1.21% |
STOCKS POST WORST WEEK SINCE MARCH AHEAD OF THE US ELECTION
On the earnings front, shares of consumer giant Clorox rose after posting a strong quarter, in part due to demand for disinfectant products during the pandemic. Estee Lauder shares are also higher as business rebounded in key areas such as China. Investors will also hear from Marathon Petroleum.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CLX | CLOROX | 207.25 | -1.48 | -0.71% |
| EL | ESTEE LAUDER | 219.66 | -3.48 | -1.56% |
| MPC | MARATHON PETROLEUM CORP | 29.50 | +0.67 | +2.32% |
In deal news, investors will get the first chance to react to confirmation on Friday evening that Dunkin Brands will be taken private in an $8.7 billion dollar deal led by Inspire Brands, parent of Arby’s, Buffalo Wild Wings and Sonic Drive-In.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DNKN | DUNKIN BRANDS GROUP | 99.71 | -1.39 | -1.37% |
DUNKIN’ BRANDS TO GO PRIVATE IN $8.76B DEAL BY ARBY’S OWNER
ECONOMIC REBOUND
Additional economic data on Friday continued to show an improving, albeit still struggling, U.S. economy. Personal income rose 0.9%, compared to expectations of 0.3%, while spending rose 1.4%, also ahead of expectations.
The University of Michigan released its final reading for consumer sentiment in October, coming in slightly above estimates at 81.8, compared to forecasts for 81.2. Chicago PMI data showed continued improvement, with a reading of 61.1, compared to expectations of a reading of 59, indicating expansion.
On Monday, traders will get further information into the shape of the U.S. economy, with ISM Manufacturing and Construction Spending data to be released at 10 a.m.
EARNINGS AFTER THE BELL
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PYPL | PAYPAL HOLDINGS INC. | 186.13 | -8.91 | -4.57% |
| MDLZ | MONDELEZ INTERNATIONAL INC. | 53.12 | -0.07 | -0.13% |
| SWKS | SKYWORKS SOLUTIONS INC. | 141.29 | -3.87 | -2.67% |
After the close of trading, PayPal Holdings Inc., Mondelez International Inc. and Skyworks Soltions Inc. will be among the companies releasing results.
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In other commodities, gold ticked higher to $1,889.50 an ounce.
European indices also rose to start the week, with the Stoxx Europe 600 rising 0.9%, while the German Xetra Dax rose 1.8%, the U.K.’s FTSE 100 rose 1% and the French CAC 40 climbed 1.7%.
