1. Futures mixed when bank profits start reporting for the third quarter
A pedestrian wearing a face mask looks at a smartphone as he passes in front of the New York Stock Exchange (NYSE) in New York on Monday, July 20, 2020.
Michael Nagle | Bloomberg | Getty Images
US stock futures were mixed on Tuesday as banks began reporting quarterly results. The Nasdaq tracked strong gains on Wall Street opening, adding a Winning streak in four sessions This put the tech-heavy index within 1.5% of its record high of September 2. The Dow Jones industry average and S&P 500 headed for losses Tuesday after everyone posted a fourth straight session of wins. At the start of the new trading day, the Dow was 2.4% below its record high on February 12th. The S&P 500 was 1.3% off its record high on September 2. Shares of Apple and Amazon rose in the pre-market after seeing strong progress on Monday. Apple released new iPhones at an event on Tuesday. Amazon kicked off its two-day Prime Day sales event on Tuesday morning.
2. JPMorgan outperforms earnings and sales estimates
Jamie Dimon, CEO of JPMorgan Chase & Co., speaks during the Bloomberg Global Business Forum in New York on Wednesday, September 25, 2019.
Tiffany Hagler-Geard | Bloomberg | Getty Images
Dow-30 share JPMorgan Chase rose more than 1% in the pre-market after the bank released quarterly results on Tuesday morning Hit the estimates on the top and bottom lines. JPMorgan posted earnings of $ 9.44 billion, or $ 2.92 per share, for the third quarter, beating Refinitiv’s polled consensus of $ 2.23. The company had sales of $ 29.94 billion, about $ 1.5 billion more than analysts expected, partly due to better-than-expected trading results. Instead of building aggressive reserves for loan losses as it did in the first half of the year, the bank actually reduced them by $ 569 million.
Shares of Citigroup rose 2.3% in premarket trading after the bank reported on Tuesday better than expected results for the third quarter as borrowing costs stabilized from the pandemic. Citigroup earned $ 1.40 per share on revenue of $ 17.3 billion in the third quarter. Citigroup is in the middle of a major change in leadership. Long-time CEO Michael Corbat will be replaced by his deputy Jane Fraser in February.
3. J&J Reports Strong Profits, Suspends Vaccine Study With Covid-19
Budrul Chukrut | LightRocket | Getty Images
Shares of Johnson & JohnsonDespite strong quarterly gains, premarket trade fell more than 1% after drug giant’s Covid-19 vaccine was put on a break Not a more serious stop due to an unexplained illness. Last month, a large study of another Covid-19 vaccine that was being developed by the UK was developed AstraZeneca and Oxford University was put on hold because of a suspected side effect. The AstraZeneca process has since resumed everywhere except the US.
On Tuesday morning, J&J reported third quarter earnings and sales exceed Wall Street’s expectations led by higher sales in the medical device unit and higher demand for some of its drugs. The company’s pharmaceutical business, which is working on the coronavirus vaccine, had sales of $ 11.4 billion, up 5% year over year. J&J, a Dow component, has also raised its guidance for the full year.
4. Trump returns to campaigning in the last few weeks of racing
US President Donald Trump stands on a balcony of the White House speaking to supporters who gathered on the South Lawn for a rally in Washington on October 10, 2020.
Tom Brenner | Reuters
One day after returning to campaign with a rally in Florida, President Donald Trump on Tuesday goes to Pennsylvania. With three weeks until election day on November 3, Trump’s robust schedule also brings him to Iowa, North Carolina, Georgia and Wisconsin in the coming days.
The President recovering from Covid-19, defended his answer on the pandemic before supporters gathered in Sanford, Florida on Monday. Encouraged by the White House doctor who said he tested negative, Trump said he felt “so powerful” because of the apparent immunity, and he jokingly added that he could go into the crowd and “kiss everyone.”
Trump’s decision to get back to campaigning so quickly was criticized by the rival Joe Biden and other democrats. “Trump comes to Sanford today and brings nothing but reckless behavior, divisive rhetoric and scare tactics,” Biden said in a statement. The candidate for the Democratic President made two campaign stops Monday in Ohio.
5. Disney restructured to prioritize streaming of video
Jeff Gritchen | MediaNews Group | Orange County Register via Getty Images
Disneydecided the theater business was crippled during the pandemic when customers chose to watch movies at home Restructuring of media and entertainment. To further accelerate and prioritize its strategy for streaming video directly to the consumer, the company announced late Monday that it is centralizing those operations into a single organization responsible for content distribution, ad sales and Disney + will be. “I would say Covid has accelerated the rate at which we made this transition, but this transition would happen anyway.” CEO Bob Chapek told CNBC’s Julia Boorstin on “Close bell” on Monday afternoon. Dow stock Disney rose more than 4% on the Tuesday leading up to trading.
– The Associated Press contributed to this report.