A busy day for us with a full day of meetings scheduled with the CEO of Beam Communications (BCC) and institutions/family offices.
The quarterly should be out this morning and we’ve also been working hard in the background, to get a “shinny looking deck."
For those in SE, GSTR & Nico Lab, we will also be sending an update on each in the next week.
Last night, Tech shares rose after Advanced Micro Devices Inc. announced a $35 billion takeover of another chipmaker, helping to blunt concern about the impact of growing coronavirus infections. Oil climbed.
The tech strength wasn’t enough to buoy the S&P 500 Index, which declined for a second straight day. Almost four stocks fell for every one that rose, with banks bearing the brunt of selling. Xilinx Inc. surged after agreeing to be bought by AMD.
Megacap tech names including Amazon.com Inc. and Apple Inc. also gained as investors sought out companies that fare well during lockdowns.
The Stoxx Europe 600 Index fell to its lowest since May amid concern about the faster spread of the coronavirus on the continent. BP Plc warned of many challenges ahead as the pace of recovery in oil demand remained uncertain.
Stocks have been knocked around in recent weeks by speculation about whether lawmakers will pass a fiscal stimulus package, but with almost no possibility of that happening before Americans vote Nov. 3, investors were looking for fresh insight into corporate America’s health.
A U.S. consumer confidence report came in worse than forecast Tuesday as data showed Covid-19 hospitalizations have risen at least 10% in the past week in 32 states and the nation’s capital.
“Covid case counts and hospitalizations continue to rise — these will continue to be closely watched as investors gauge the likelihood of more stringent mitigation measures,” said Yousef Abbasi, global market strategist at StoneX.
Andrew Slimmon, senior portfolio manager at Morgan Stanley Investment Management, says he’s not surprised by the recent pullback in stocks, but he says markets will head higher into 2021 no matter who wins the election.
The SPI is down 24 points this morning.