Wednesday August 26, 2020 Trading Desk: (312) 236-8907
TODAY’S GAME PLAN: from the trading desk, this is not research
DATA/HEADLINES: 8:30ET Durable Goods; 10:00ET Fed’s Barkin speaks; 3:25ET Fed’s Daly speaks
TODAY’S HIGHLIGHTS:
- Biden gets no convention bounce after Democratic Convention according to a Reuters/Ipsos poll
- British defense scientists say a product found in insect repellent can kill a strain of coronavirus that causes COVID19.
- Fed’s George Sees Risks Building Of Double-Dip Recession
- Laura strengthening to category 4 hurricane by landfall, currently category 3
- Italian Health Minister Rules Out New Lockdown Despite Higher Virus Numbers
Global markets are in a holding pattern ahead of the US Federal Reserve Chairman Powell’s speech on Thursday that could offer clues on what steps the central bank is willing to take to safeguard a fragile economic recovery. There was more positive news on US-China trade as China is set to purchase record amounts of American soybeans this year.
EQUITIES:
S&P 500 futures fluctuated after the index’s record-high close. Software developer Salesforce.com leaped 15% in the premarket after its revenue and profit easily beat estimates. Traders are awaiting Federal Reserve Chairman Powell’s speech on Thursday about the central bank’s monetary policy framework review, which is expected to entail a new inflation strategy. Dick’s Sporting Goods, National Bank of Canada and Eaton Vance Corp. are among the companies reporting results.
E-Mini S&P is flat, Nasdaq +0.3%, Russell 2000 futures -0.3%, Dow futures -0.25%. ES has 3433 area as initial support today.
