Hercules Investments Premarket

  ●       Powell to House: “Fed will continue aid for as long as it takes” ○       Powell said the facilities overall have unleashed about half their potential funding and will be at the ready should market stresses reemerge   ●       Former White House official: “And I do think, unfortunately, we may not have an outcome immediately, probably going to be litigation that follows and I just hope that we can get this resolved in relative short order so there isn’t uncertainty come January ” ●       On Monday, the S&P 500 closed down 9% from its Sept 2 record high, just above correction territory ○         travel and leisure stocks among the worst performers as investors were faced with the prospect of further restrictions being imposed ○       US banks were also down -3.35% ●       The technology hardware industry (+1.90%), specifically Apple (+3.03%) led the rebound along with other large-cap tech stocks such as Microsoft (+2.71%) and Nvidia (+2.69%).

  ●       S&P on pace for worst September since 2011 ●       U.S. stock index futures dropped 1.8% on Monday hit by bank stocks following media reports that several global banks moved sums of allegedly illicit funds over nearly two decades. ○         Shares in JPMorgan Chase and Bank of New York Mellon Corp fell 4% and 3.3%, respectively ●       Shares of airlines, hotels and cruise operators led declines in premarket trading, tracking their European peers as the UK signaled the possibility of a second national lockdown ○       British cases rising by 6,000 new/week ●       MSCI world equity index was down 0.5%. European indexes opened lower, with the pan-European STOXX 600 down 1.7% at its lowest in nearly two weeks. London's FTSE 100 was at a two-week low, down 2.4% and Germany's DAX fell 2%, led by banking shares ●       In a House Financial Services Committee hearing on Tuesday, Federal Reserve Chair Jerome Powell and Treasury Secretary Ste

●       Inflation didn’t even get past 2% when the U.S. economy was running with a 3.5% pre-pandemic unemployment rate, its lowest in 50 years. ○       created asset inflation but not necessarily broad economic inflation ●       The total value of foreign direct investment and venture capital deals between the U.S. and China fell to a near nine-year low, research and consulting firm Rhodium Group said in a report.   ○       Completed U.S. direct investment into China fell 31% to $4.1 billion, while Chinese investment into the U.S. would have plunged if not for Tencent’s $3.4 billion minority stake in Universal Music ●       Of the 11 major S&P indexes, industrials, materials and energy have gained more than 2% so far this week, while communication and consumer discretionary posted the biggest declines. ○       Asian stocks gained, led by materials and IT, after falling in the last session   ●       France’s daily cases rose by more than 10,000 to the

  ●       The International Energy Agency on Tuesday cut its forecast for 2020 oil demand growth, citing what it calls a “treacherous” path ahead due to weakening market sentiment and an upsurge in the number of coronavirus cases reported across the globe ●       Morgan Stanley updates outlook to say fiscal stimulus no longer expected before the election ●       Expect the Fed’s forward guidance on interest rates to remain unchanged and for the Committee to reframe their asset purchases as being focused on providing accommodation, not aiding market functioning. ●       Import prices rose 0.9% MoM (well above the 0.5% expected) and Export prices rose 0.5% MoM (also better than the +0.4% expected). But despite both the beats, import and export prices remain underwater on a YoY basis. ●       Citigroup, Wells Fargo to resume job cuts after ending a pledge to pause staff reductions ●       JP Morgan sees drop in productivity from people working at home ●       The Federal

  ●       The International Energy Agency on Tuesday cut its forecast for 2020 oil demand growth, citing what it calls a “treacherous” path ahead due to weakening market sentiment and an upsurge in the number of coronavirus cases reported across the globe ●       Morgan Stanley updates outlook to say fiscal stimulus no longer expected before the election ●       Expect the Fed’s forward guidance on interest rates to remain unchanged and for the Committee to reframe their asset purchases as being focused on providing accommodation, not aiding market functioning. ●       Import prices rose 0.9% MoM (well above the 0.5% expected) and Export prices rose 0.5% MoM (also better than the +0.4% expected). But despite both the beats, import and export prices remain underwater on a YoY basis. ●       Citigroup, Wells Fargo to resume job cuts after ending a pledge to pause staff reductions ●       JP Morgan sees drop in productivity from people working at home ●       The Federal

  ●       The International Energy Agency on Tuesday cut its forecast for 2020 oil demand growth, citing what it calls a “treacherous” path ahead due to weakening market sentiment and an upsurge in the number of coronavirus cases reported across the globe ●       Morgan Stanley updates outlook to say fiscal stimulus no longer expected before the election ●       Expect the Fed’s forward guidance on interest rates to remain unchanged and for the Committee to reframe their asset purchases as being focused on providing accommodation, not aiding market functioning. ●       Import prices rose 0.9% MoM (well above the 0.5% expected) and Export prices rose 0.5% MoM (also better than the +0.4% expected). But despite both the beats, import and export prices remain underwater on a YoY basis. ●       Citigroup, Wells Fargo to resume job cuts after ending a pledge to pause staff reductions ●       JP Morgan sees drop in productivity from people working at home ●       The Federal