JakeNovakNews.com






STOCKS/ECONOMY


​-Stock futures are higher after Monday's 328-point rally for the Dow, smaller 0.6 percent gain for the S&P 500, and a modest 0.2 percent rise for the Nasdaq. Investors are cheering Joe Biden's apparent choice of former Fed Chair Janet Yellen for Treasury Secretary and the continued positive news about COVID-19 vaccines. The Dow seems poised to hit the 30,000 level today.

-The yield on the 10-year Treasury bond is at 0.86 percent, with the 2-year yield 70 basis points behind at 0.16 percent.

-Gold is down almost 2 percent to the $1,809 per ounce level. Bitcoin is up to a multi-year high at the $19,100 level.

-Asian markets closed mostly higher today, let by a 2.5 percent surge for Japan's Nikkei index. Hong Kong's Hang Seng index rose 0.3 percent, while Shanghai's Shenzhen composite fell 0.3 percent.

OIL/ENERGY

-U.S. crude prices are up 1 percent to the $43 a barrel level.

-Gasoline prices are back up to $2.11 a gallon, national average.

-Saudi Arabia is confirming an attack by Iran-backed Houthi rebels on Saudi Aramco's facilities in Jeddah. But it says its customers will not see any supply problems. 

YELLEN DECISION

-The markets are specifically cheering Biden's choice of Yellen because of her reputation for wanting to stimulate the economy and not crack down on banks or Wall Street.

TRANSITION DECISION

-Investors also seem to be cheering the fact that the Trump administration has now allowed the General Services Administration to begin the transition process to the Biden team.

EARNINGS SCORECARD

-Best Buy reported much better than expected quarterly profits and revenues, plus a 23 percent gain in same-store sales and a 174 percent jump in online sales. But Best Buy shares are down 2 percent in the premarket because the company did not provide earnings guidance for the current crucial holiday sales quarter. 

-Dick's Sporting Goods reported quarterly profits and revenues that were much stronger than expected. It also named current President Lauren Hobart as its new CEO. Dick's shares are up 1 percent in the premarket.

MIDDLE EAST PEACE

-Google is planning on boosting global internet traffic by linking India to Europe via an Israeli and Saudi Arabian fiber optic network with a capacity of hundreds of terabits per second. 

AMAZON'S AMERICA

-Amazon is urging customers to get their packages delivered to some of its brick-and-mortar retail locations and neighborhood “hubs,” as it faces a pandemic-fueled surge of online orders, coupled with the holiday season.

DEALS/NO DEALS

-Spice maker McCormick is buying hot sauce maker Cholula for $800 million.

BILLIONAIRE BOYS CLUB

-Thanks to the continued surge in Tesla shares, founder and CEO Elon Musk is now the second richest person in the world behind Jeff Bezos with an estimated net worth of about $128 billion.
















 















































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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.