#AceNewsReport – Nov.06: Wall Street rally set to pause as jobs growth slows, eyes on election result: Wall Street’s main indexes were set to take a breather on Friday after surging more than 7% this week as monthly payrolls data underlined the scale of the economic challenge awaiting America’s next president: The Labor Department’s closely watched report showed U.S. employers hired the fewest workers in five months in October in the absence of new fiscal stimulus and as daily COVID-19 infections set new records in the United States:
Reuters Wire News, [Nov 6, 2020 at 14:29] https://t.me/reuters_news_agency/45311
U.S. stock index futures trimmed some losses as the number of new jobs added beat economists’ forecasts, but S&P 500 e-minis were still down 0.26% by 9:06 a.m. ET. Dow e-minis and Nasdaq 100 e-minis shed 0.06% and 0.58%, respectively: “The market has been up so much this week, it’s due for a break,” said Christopher Grisanti, chief equity strategist at MAI Capital Management in Cleveland: The benchmark S&P 500 is on course for its best week since April, while the tech-heavy Nasdaq has jumped 6.5% since the Nov. 3 election as the prospect of a policy gridlock in Washington eased worries about tighter regulations on companies: Matt Sherwood, head of investment strategy at Perpetual in Sydney, said markets had already moved to price in a Biden presidency and a divided Congress.
“ We can get all of the good things about a Biden presidency, such as stable leadership and foreign policy, without any of the bad things from the far Left of his party, such as taxation,” he said “ ………………Technology mega-caps including Apple Inc, Amazon.com Inc, Facebook Inc and Alphabet Inc edged lower in premarket trading after logging strong gains this week: While a fiscal stimulus package is still widely expected post-election, the size of a deal reached in a divided Congress is likely to be smaller than it would be under a Democrat-led Congress. That could pressure the Federal Reserve to ease monetary policy further, analysts said: The central bank on Thursday kept its loose monetary policy intact and again pledged to do whatever it can to sustain an economy crippled by the COVID-19 pandemic: Cannabis-related stocks, which have been identified by analysts as potential winners under a Biden administration, were set to extend sharp gains from Thursday.
Coty Inc jumped 14.4% as the cosmetics maker beat analysts’ estimates for quarterly revenue, while T-Mobile US Inc gained 5.7% after adding more phone subscribers than analysts had expected in the third quarter.
Electronic Arts Inc slumped 7.1% after the video game maker fell short of quarterly sales estimates.
#AceNewsDesk report ………….Published: Nov.06: 2020-11-06 14:22:43
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