FUTURESCOIN IS GOING GLOBAL
Stocks rose on Tuesday after House Speaker Nancy Pelosi signaled Democrats and the White House were making progress in negotiations for a new fiscal stimulus deal.
The Dow closed 113.37 points higher, or 0.4%, at 28,308.79. The 30-stock average was briefly up more than 300 points. The S&P 500 gained 0.5% to end the day at 3,443.12 and the Nasdaq Composite advanced 0.3% to 11,516.49.
Shares of Carnival Corp. and American Airlines rose 3.3% and 1.9%, respectively, as company groups that would benefit the most from the economy re-opening led the way higher. Kohl’s jumped 6.6% and Nordstrom advanced 1.2%.
A slew of companies reported quarterly earnings after the bell on Tuesday, most notably Netflix. Shares of the streaming giant slipped 5.7% after the company missed earnings estimates, and reported fewer-than-expected subscriber additions. On the other hand, shares of Snap jumped 24% after the company reported a surprise earnings beat.
Looking ahead to Wednesday Biogen, AutoNation, Baker Hughes and Abbott Labs are among the names set to report ahead of the opening bell. After the market closes Tesla will release its third quarter results, with CSX, Las Vegas Sands and Chipotle Mexican Grill also on deck.
Plan A : Long if market doesn't retrace much and supported firm above 3426. Targets are 3441, 3458 and 3471.
Plan B : Short if market failed to support above 3426. Targets are 3402, 3375 and 3350.
U.S. stock index futures rose in early morning trading on Wednesday after White House Chief of Staff Mark Meadows said that House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have made “good progress” on stimulus talks, before adding that they "still have way to go" before an agreement is reached.
Following Pelosi and Mnuchin’s meeting on Tuesday, Meadows told CNBC’s "Closing Bell" that the two will talk again on Wednesday, and that he hopes to see “some kind of agreement before the weekend.”
Mnuchin and Pelosi’s conversation Tuesday continued a desperate attempt to hash out an agreement before the Nov. 3 election. Democrats and the Trump administration have struggled for months to overcome fundamental disagreements over additional stimulus measures — including the dollar amount — as the economy continues to feel the burden of the coronavirus pandemic.
Stocks have been trading based on lawmakers’ perceived progress — or lack thereof — and on Tuesday finished the session higher after Pelosi told Bloomberg TV that she’s “optimistic” about a potential aid deal.
Plan A : Long if market doesn't retrace much and supported firm above 11719. Targets are 11745, 11777 and 11808.
Plan B : Short if market rebounded and resisted around 11719. Targets are 11682, 11638 and 11605.
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