Wall Street looks to extend late surge in dismal this month

On Tuesday U.S. stock futures were steady, one day after the Dow Jones Industrial Average, S&P 500 and Nasdaq rose for the third straight session. While recent gains chipped away at this month’s terrible trading, all three indexes were still on track for their first monthly declines since March.

However, for the third quarter, their strong gains remained intact and so were their more than 50% gains from their March 23 coronavirus lows. On today’s economic calendar, the S&P/Case-Shiller report on July home prices is out at 9 a.m. ET.

The Conference Board issues its September consumer confidence index at 10 a.m. ET. This afternoon, semiconductor maker Micron Technology (MU) issues quarterly earnings after today’s closing bell. Covid-19 has now killed more than 1 million people since the coronavirus emerged in Wuhan, China late last year and then spread around the world.

The U.S. accounts for more than 20% of global fatalities and over 33 million infections. Declared a pandemic over six months ago, Covid-19 has shuttered businesses and schools everywhere, wreaking havoc on global economies and leaving millions and millions of people unemployed.

President Donald Trump and Democratic nominee Joe Biden face off in their first presidential debate Tuesday night at a time when Covid-19 has severely curtailed their campaign appearances. Investors are uneasy about the former vice president’s plans to raise taxes. However, a perceived debate draw could also hamper markets, which desire clarity as national polls, still in Biden’s favor, narrow.

The CDC has issued new guidance that discouraged Americans from packing into shopping malls or standing in long lines before, on or after Thanksgiving. The agency added Black Friday, which recently has become a multiday event, to a list of activities with a higher likelihood of contributing to the spread of Covid-19.

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are expected to speak again Tuesday about narrowing their differences on additional Covid-19 economic stimulus. They spoke by phone Sunday and Monday, trying to jumpstart negotiations that broke down early last month.

House Democrats on Monday unveiled a new, trimmed down $2.2 trillion relief bill. As Washington debates new stimulus, the nation’s airlines and their unions are lobbying Congress for another $25 billion in coronavirus aid to delay tens of thousands of furloughs for another six months.

The original $25 billion in federal pandemic relief in March and a related prohibition on workforce reductions expires Thursday. LVMH (MC-FR) has filed a countersuit against Tiffany (TIF), in a bid to walk away from the $16.2 billion takeover that would have been the biggest ever in the luxury industry. LVMH accused Tiffany of financial mismanagement during the coronavirus pandemic.

Wall Street looks to extend late surge in dismal this month via @MasterMindUpdate
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