9/22 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%).

●      10am: Existing Home Sales

○      EHS exp. to increase by 2.6% MoM to 6.01M

○      Despite the recession, low rates have spurred first-time homebuyer activity, up 19% in August from July.

○      The national median home price rose 11% year over year to $328,400 in August—the largest annual increase since February 2014

●      83% of stocks in the NASDAQ lower yesterday even as the index only fell -0.13%.

●      Biden is currently leading Trump +6.5pts in the RealClearPolitics polling average

●      Another 52,070 cases were announced on Monday, while only 356 deaths were reported.

○      highest daily count since Aug. 14

●      UK PM Boris Johnson institutes new coronavirus mandates, warns they could be in place for “up to 6 months”

●      Many schools are now running out of space to house positive testers

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