Dow futures lost 200 points

Daily Analysis - 22/10/2020

Stimulus package uncertainty drove futures under

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Futures contracts attached to the main U.S. stock indexes dropped in early morning negotiating and hinted to additional declines forward for markets when normal trading returns.

Dow Jones Industrial Average futures sank 200 points while S&P 500 and Nasdaq-100 futures both likewise exchanged in a negative area. Though the late trading session started with decent moves, futures came pressed down after U.S. officials declared Iran is using some of its influence to intervene with the U.S. presidential election, and Russia has taken American voter data. Specifically, about the matter, John Ratcliffe the Director of National Intelligence stated that Iran has been sending “spoof emails designed to intimidate voters, incite unrest and damage President” Donald Trump.

The statement from the nation’s top intelligence executives arrived to an already shaken election period and adds to doubt, while the U.S. attempts to steer the health and economic result produced by the coronavirus.

The after-hours movements appeared on the heels of declines on Wall Street through Wednesday’s formal session. The Dow Jones Industrial Average slid more than 97 points, or 0.4%, shifting a profit of more than 100 points earlier in the day. The S&P 500 fell 0.2% while the Nasdaq Composite dropped 0.3% on Wednesday.

Oil retraced after limited demand


Oil prices fell in early exchanging today contributing to substantial declines overnight, after a build in U.S. gasoline inventories led to a deteriorating forecast for fuel request, while coronavirus cases continue to rise in North America and Europe. Brent crude futures reversed 22 cents, to $41.51 a barrel following pushing down 3.3% yesterday. U.S. West Texas Intermediate (WTI) crude futures dropped 26 cents, to $39.77 a barrel, after sliding 4% yesterday.

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The greenback stuck in a range


The famous U.S. dollar tested its robustness versus main currencies today while U.S. stimulus discussions continued to be at the center. Market participants saw the greenback stuck in a range driven by the development regarding the potential extension of the support package. The dollar index was nearly dull versus a basket of currencies at 92.792, having recorded its weakest level since Sept. 2 overnight.

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Tesla announced its fifth straight quarter of earnings


The famous electric car maker Tesla announced its fifth straight quarter of earnings, recording per-share profits of 76 cents against the consensus estimate of 57 cents foreseen by analysts surveyed by Refinitiv. Tesla had previously published that it achieved most of its delivery targets and delivered 139,300 vehicles throughout the quarter, a new record for the company. Elon Musk the CEO of the company noted on the company’s earnings call that Tesla intends to start delivering cars from its new facilities in Brandenburg, Germany, and Austin, Texas in 2021. The stock was last seen up 2.9% in after-hours negotiating.

The above content is considered to be market commentary information and shall not be perceived as independent investment research or investment advice.

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