STOCKS/ECONOMY


​-Stock futures are lower after both the S&P 500 and the Nasdaq posted losses for last week, while the Dow eked out a small gain. Investors are bearish this morning as interest rates continue to rise.

-The yield on the 10-year Treasury bond is up to 1.37 percent, with the 2-year yield 127 basis points behind at 0.10 percent.

-Gold is up to the $1,794 per ounce level. Silver is higher, but still at the $27 per ounce level. 

-Bitcoin is at the $53,500 level after surging as high as the $57,000 level over the weekend.

-Asian markets closed mostly lower today, led by a 1.5 percent decline for Shanghai's Shenzhen composite. Hong Kong's Hang Seng index fell 1.1 percent, while Japan's Nikkei gained 0.5 percent.

OIL/ENERGY

-U.S. crude prices are up and at the $59 a barrel level.

-Gasoline prices are up to $2.63 a gallon, national average.

BOEING 777 FEARS

-United Airlines is temporarily removing 24 of its Boeing 777 jets from service after United Flight 328 bound for Honolulu made an emergency landing at Denver International Airport shortly after takeoff on Saturday afternoon after its right engine failed. United shares are up slightly in the premarket, Boeing shares are down 4 percent and that's playing a key role in dragging stock futures down this morning.

CORONAVIRUS LATEST

-U.K. Prime Minister Boris Johnson is set to announce later today how and when lockdown restrictions will start to be lifted in England.

-Britain’s GlaxoSmithKline and France’s Sanofi have started a new clinical trial of their protein-based COVID-19 vaccine candidate. GSK shares are up slightly in London market trading, Sanofi shares are down slightly in Paris market trading. 

-The Biden administration says it's adjusting the Paycheck Protection Program (PPP) to focus more on smaller businesses and minority-owned businesses. 

TESLA CRYPTO

-Tesla has made roughly $1 billion in paper profits from its investment into bitcoin, according to Daniel Ives, analyst at Wedbush Securities estimated. The company is “on a trajectory to make more from its Bitcoin investments than profits from selling its electric vehicles in all of 2020,” Ives said in a note published Saturday. But Tesla shares are down 3 percent in the premarket. 

TRADE WARS

-China's foreign minister is calling for the U.S. to remove all tariffs and trade restrictions on Chinese goods. 

COMING FOR KOHL'S

-A group of activist investment firms have nominated nine new members of the department store's board and are also asking Kohl’s to consider a sale-leaseback of some of its more than $7 billion in non-core real estate. Kohl's shares are up 6 percent in the premarket on the news. 

DEALS/NO DEALS

-M&T Bank is buying People's United Financial in a $7 billion deal. M&T Bank shares are down 1 percent in the premarket, People's United shares are halted on the news, but were up 8 percent before premarket trading in those shares was halted.

CHIP DIP

-Porsche is the latest auto company to issue a warning about the global computer chip shortage and the production disruptions its likely to cause this year. 





















































































 















































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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.


JakeNovakNews.com