JakeNovakNews.com

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​​STOCKS/ECONOMY


​-Stock futures are higher as investors focus on the chances for a COVID-19 stimulus bill and more key earnings reports. 

-The yield on the 10-year Treasury bond is up to 0.77 percent, with the 2-year yield 62 basis points behind at 0.15 percent.

-Gold is up to the $1,915 per ounce level. Bitcoin is at the $11,400 level.

-Asian markets closed mostly higher, led by a 1.1 percent rally for Japan's Nikkei Index. Hong Kong's Hang Seng rose 0.6 percent, while SHanghai's Shenzhen composite dropped 0.7 percent.

-China says its economy grew by 4.9 percent in the July-September quarter, compared to expectations of 5.2 percent growth. Retail sales also lagged below expectations.

OIL/ENERGY

-U.S. crude prices are flat, and still at the $40 a barrel level.

-Gasoline prices are down to $2.16 a gallon, national average.

-ConocoPhillips is buying Concho Resources for $9.7 billion in the largest shale oil deal so far this year. ConocoPhillips shares are up 1 percent in the premarket, while Concho shares are also up 1 percent.

-Oil services company Halliburton reported better than expected quarterly profits, but revenues missed estimates. Halliburton shares are down 0.4 percent in the premarket.

-The International Monetary Fund is forecasting that oil prices will remain between $40 and $50 a barrel in 2021 and that the Middle East and Central Asian regions' overall economy will contract 4.1 percent next year.

CORONAVIRUS LATEST

-House Speaker Nancy Pelosi and Treasury Secretary Mnuchin continue their negotiations today on a COVID-19 stimulus deal. Pelosi says she's giving the White House 48 hours to make a deal now, or wait until after the election. Investors see this as a concession of sorts compared to Pelosi's tougher stance last week. 

-CVS Health says it's planning to hire 15,000 more workers to help the chain administer more COVID-19 tests and administer COVID and flu vaccines. CVS shares are down about 20 percent year-to-date.

-AMC Entertainment says it plans to reopen its movie theaters in New York State this coming Friday. AMC shares are up 5 percent in the premarket.

-Israel's Scentech is close to developing a COVID-19 breath test. Shares of Scentech's future parent company NextGen Biomed soared 35 percent in Israeli market trading Sunday. 

SHIPPING CRUNCH

-With Americans already ordering shipped items at record levels, FedEx, UPS, and other leading delivery companies are warning retailers that they are already at capacity levels for the coming Christmas season. That's forcing a frenzied search for shipping alternatives. FedEx and UPS shares are both up about 1 percent in the premarket.

GOOGLE ANTITRUST

-A new report says that no Democrat state attorneys general will be joining a multi-state antitrust case against Google that's expected to be filed next week. The partisan divide could easily undermine the lawsuit's chance of succeeding. Google parent Alphabet's shares are up about 1 percent in the premarket.

BOEING MAX MESS

-American Airlines says it's planning to put the Boeing 737 MAX jet back into service at the end of December, pending FAA approval. American shares are up 1 percent in the premarket, and Boeing shares are up 0.5 percent.

DEALS/NO DEALS

-American Equity Investment Life Holding has rejected a takeover offer by Massachusetts Mutual Life Insurance and Athene Holding and says it reached a partnership with Brookfield Asset Management instead. Class A shares of American Equity are up about 1 percent in the premarket. 





















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-Stocks futures are higher after Wednesday's 329-point (1.2 percent) gain for the Dow, 0.8 percent rally for the S&P 500, and 0.7 percent rise for the Nasdaq. All three major indices still posted losses for September, as the Nasdaq lost the most with a 5.2 percent decline.

-We get weekly jobless claims numbers later this morning, with 850,000 new claims expected.

-The yield on the 10-year Treasury bond is up to 0.70 percent, with the 2-year yield 58 basis points behind at 0.12 percent.

-Gold is back over the $1,900 mark at $1,901 per ounce. Bitcoin is up to the $10,800 level.

-Asian markets were mostly flat today, as Japan's Nikkei index closed less one point lower and Shanghai's Shenzhen composite dropped just 0.2 percent lower. Hong Kong's Hang Seng index rose 0.8 percent.

OIL/ENERGY

-U.S. crude prices are down almost 2 percent and back down to the $39 a barrel level.

-Gasoline prices are steady at $2.19 a gallon, national average.

CORONAVIRUS LATEST

-Progress is apparently being made in negotiations for a new COVID-19 stimulus bill. The White House now says it would back a $1.5 trillion price tag, including $20 billion for the U.S. airlines. The Democrats have proposed a plan worth $2.2 trillion. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin say they are continuing their talks.

-But as they wait for more government relief, United Airlines and American Airlines are going ahead with a total of 32,000 job cuts. But United shares are up 2 percent in the premarket and American shares are also up 2 percent.

-Despite positive results so far in the late testing stages for its COVID-19 vaccine, Moderna CEO Stephanie Bancel says she doesn't expect the vaccine to be ready before the Nov. 3 election. Moderna shares are down slightly in the premarket after closing slightly higher Wednesday.

-The CDC has extended its no sail order for cruise ships until the end of this month. But, shares of Carnival Corp are up 1 percent in the premarket and Norweigian Cruise Line shares are up 2 percent. 

FORD SHAKEUP

-New Ford CEO Jim Farley has just announced a major restructuring plan and changes to his top executive ranks, including replacing the company's CFO. Ford shares are up 2 percent in the premarket on the news.

BED, BATH, BOUNCEBACK

-Bed, Bath & Beyond posted better than expected quarterly profits and revenues, thanks to its first same-store sales increase since 2016. COVID-19 lockdowns have boosted demand for the company's in-home products. Bed, Bath & Beyond shares are up 11 percent in the premarket.

PEPSI POPS

-Pepsi reported better than expected quarterly profits and revenues, thanks mostly to increased demand for its Frito-Lay and Quaker Foods snack items. Pepsi also boosted its full year guidance. Pepsi shares are up 2 percent in the premarket.

CONAGRA NUMBERS

-Food producing giant Conagra reported better than expected quarterly profits and revenues and also boosted its quarterly dividend to 27.5 cents per share from 21 cents per share. Conagra shares are up 2 percent in the premarket.

STARBUCKS PLUS

-Starbucks is raising its quarterly dividend to 45 cents per share from 41 cents per share. Starbucks shares are up 1 percent in the premarket.

BOEING MAX MESS

-The head of the FAA is giving Boeing a tentative personal endorsement for fixes to its beleaguered aircraft after he personally took one of the jets on a test flight. Boeing shares are up 2 percent in the premarket.