9/21 Premarket

 

●      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 Steven Mnuchin are expected to speak about the need for more stimulus.

●      U.S. deaths related to Covid-19 approached 200,000 and the nation’s new cases rose in line with a one-week average. Former FDA Commissioner Scott Gottlieb said he expects the U.S. to experience “at least one more cycle” of the virus in the fall and winter

●      Fed Chair Powell will speak three times this week, on Tues-Thurs

●      As early as Monday, the United States could sanction more than two dozen people and entities involved in Iran’s nuclear, ballistic missile and conventional arms programs, a senior U.S. official told Reuters.

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