Wall St close.3 Nov 2020 04:37
After falling nearly 2000 points last week equities steadied as traders sought beaten down cyclicals but swerved big tech still suffering from recent earnings nos. Apple $109 & Msoft $204 gained a touch after hours but Amazon slid $32 to ($3004). Apple announced it would unveil it's new Mac range of computers on Nov 10. The Nsdq 100 traded in a narrow 240 range closing off lows in a late rally to 10,958.
Economic nos in the main continue to endorse the improvement in the US economy. The ISM reported manufacturing output hit a 2 year high in Oct and new jobless nos due could cont the recent down trend.
S&P companies Q3 earnings flow in with no shocks, around 140 will report this week. Should Biden win favoured sectors inc Solar, Industrials & small caps which have performed in line with his poll nos. The big banks Wells, BOA & Citi are Trump picks should he be reelected. Airlines and Cruises trading on infection nos were flat to down, Norwegian the main faller off 3%, RC & Carnival little changed. United, Amer, SW and Delta all lost a $ in quiet trading. Boeing rose $3 to $147 reversing early losses.
In sharp contrast Airbus 3Q nos went into the black column thanx to delivering 145 commercial jets (A320) and profits of $958m. Pis faves Tesla ($401) gained 3%, Netflix $486 up 2% and Zoom up $2 ($453).
Traders reported many were on the sidelines awaiting what now looks like a knife edge result either way. Biden remains the Bookies fave. Volume on the NYSE was on a par with the 20 day av of 9bn. Winners outpaced losers 3:1.
DJ +423 (26,925)
SP +40 (3310)
NS +46 (10,958)
R2 +30 (1569)
WTI $36•86
10y/tb 0•857%
Nos: Oil $38•98. Vix 37.
Gold $1893. Copper $3•092.
Palm $831. $ 1•292. €1•109.
IDR 14,606. MSCI(W) 558.
FF +51. DF +179.
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