John Stoltzfus, chief investment strategist at Oppenheimer Asset Management, joins ‘Barron’s Roundtable.’
U.S. stock futures jumped Monday morning on hopes that lawmakers reach some type of stimulus deal before the election.
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Over the weekend, Speaker of the House Nancy Pelosi set a 48-hour deadline to reach a deal on the next stimulus package. She added she was “hopeful” an agreement could be reached.
Dow Jones Industrial Average futures were up 212 points, a gain of 0.75%, while the tech-heavy NASDAQ Composite and S&P 500 were also sharply higher, up 1.1% and 0.9%, respectively.
Also aiding sentiment deal-making in the energy sector and positive economic data out of China
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 28606.31 | +112.11 | +0.39% |
| I:COMP | NASDAQ COMPOSITE INDEX | 11671.555271 | -42.32 | -0.36% |
| SP500 | S&P 500 | 3483.81 | +0.47 | +0.01% |
STOCKS SLIP FOR THIRD SESSION AS ECONOMY, COVID-19 CONCERNS RESURFACE
M&A Monday
Conoco Philips is buying Concho Resources for $9.7 billion as consolidation continues in the U.S. energy sector. The deal makes the new company the “largest independent oil and gas company with pro forma production of over 1.5 million barrels of oil equivalent per day” according to the companies.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COP | CONOCOPHILLIPS INC. | 33.77 | -1.63 | -4.60% |
| CXO | CONCHO RESOURCES INC. | 48.60 | -0.94 | -1.90% |
ECONOMICS IN SPOTLIGHT
In global economics, China said its economy expanded at a 4.9% rate in the July-to-September period, according to official data released from the Chinese government. Analysts surveyed by Refinitiv had expected an expansion rate of 5.2%.
Investors will also hear from Federal Reserve Chairman Jerome Powell and European Central Bank President Christine Lagarde, as the two central bankers give speeches on the state of the economy.
FRESH LOOK AT THE HOUSING MARKET
On Monday, traders will get another look at the U.S. housing market, which continues to be buoyed by record-low interest rates.
At 10 a.m., the NAHB Housing Market Index for October will be released. Economists are looking for a reading of 83, flat compared with the previous reading.
EARNINGS BACK IN FOCUS
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HAL | HALLIBURTON COMPANY | 12.25 | -0.82 | -6.27% |
Earnings are back in focus, as oil-services company Halliburton Company reports third-quarter results before the market opens.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| IBM | INTERNATIONAL BUSINESS MACHINES CORP. | 125.93 | +1.04 | +0.83% |
After the close, traders will look at results from IBM, which recently announced plans to spin-off its infrastructure services unit into a new publicly-traded company.
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West Texas Intermediate crude oil was slightly lower at $40.87 a barrel, while gold climbed to $1,915 an ounce.
Europes indices were also mostly higher, as the Stoxx Europe 600 index and German DAX were up 0.5% and 0.2%, while the FTSE 100 was flat.
