U.S Futures rising - Watch PEP, AMZN, AAL, ALL, GS

,

The S&P 500 Futures remain on the upside as investors are still optimistic over a new economic stimulus package

Trading floor 2

The S&P 500 Futures remain on the upside as investors are still optimistic over a new economic stimulus package, although U.S. Treasury Secretary Steven Mnuchin said there was still no agreement on a deal after a meeting with House Speaker Nancy Pelosi.

Later today, the Labor Department will report Initial Jobless Claims (a decline to 850,000 expected) and Continuing Claims (a decline to 12.200 million expected). Personal Income for August is expected to slip 2.5% on month. The Markit U.S. Manufacturing Purchasing Managers' Index for the September (final reading) is expected to remain at 53.5.

European indices are slightly on the upside. The European Commission has confirmed starting the process to take the U.K. into court over its Internal Market Bill. The Markit Germany Manufacturing Purchasing Managers' Index (PMI) for September was released at 56.4 (vs 56.6 expected). The Markit European Manufacturing PMI for September was published at 53.7, as expected. The August Unemployment rate was at 8.1%, as expected. The Markit U.K. Manufacturing PMI for September was released at 54.1, vs 54.3 expected.

Both China and Hong Kong markets were closed for a holiday. The Japanese Nikkei closed earlier due to technical outage. The Australian ASX closed in the green. The Australian Industry Group Performance of Manufacturing Index decline to 46.7 in September from 49.3 in August. The Bank of Japan Tankan Large Manufacturers Index posted -27 for the third quarter (-24 expected) and the Outlook Index was -17 (-16 expected).

WTI Crude Oil futures are rebounding. The U.S. Energy Information Administration reported that crude-oil stockpiles were down 2 million barrels last week, in contrast to an addition of 1.6 million barrels expected.

Gold remains firm as the US dollar loses ground on US stimulus hopes.

Gold rose 13.74 dollars (+0.73%) to 1899.56 dollars while the dollar index fell 0.1pt to 93.783.


U.S. Equity Snapshot


Pepsico (PEP), the international beverage and food company, pops before hours after reporting better-than-expected third quarter earnings and boosting full-year guidance.


Source: TradingView, GAIN Capital

Amazon.com's (AMZN) price target was raised to 4,500 dollars from 3,925 dollars at Pivotal Research.

American Airlines' (AAL) CEO said the airline will start cutting 19,000 jobs as of today. This process could be reversed if Government's aid would be extended in the coming days. United Airlines (UAL) is also beginning to cut 13,000 jobs. 

Allstate (ALL), the insurance company, plans to cut 3,800 jobs or 8% of its workforce. 

Goldman Sachs (GS), the banking group, might cut 400 jobs, or 1% of its workforce, according to Bloomberg.

More from Equities

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.