U. S. stock index futures rose before Tuesday as the market continued to focus on the U. S. stimulus bill, hoping to get a clearer signal today.
As of press time, Dow futures are up 0.6%, S & P 500 futures are up 0.6%, and Nasdaq futures are up 0.6%.
House Speaker Nancy Pelosi has set Tuesday as the deadline for reaching an economic stimulus deal with the Trump administration before the election.
Pelosi and U.S. Treasury Secretary Nuchin resumed negotiations on Monday on a new round of stimulus plan for the COVID-19 epidemic. Drew Hammill, a spokesman for Pelosi, said Pelosi and Mnuchin "continued to narrow their differences" during nearly an hour of phone calls.
Hammill added that Pelosi had instructed the chairman of the House committee to try to bridge differences with the White House and that Pelosi and Mnuchin planned to talk again on Tuesday. "House Speaker Pelosi still hopes that by the end of Tuesday, we will know clearly whether a bill can be passed before the presidential election," Hammill said.
On Oct. 18, local time, US President Donald Trump said he wanted "more numbers" than House Speaker Nancy Pelosi asked.
Earlier this month, House Democrats voted for a $2.2 trillion plan. Mr Trump's comments suggest he will support a proposal that is bigger than the $1.8 trillion he proposed last week.
The Trump administration and Democratic leaders are trying to agree on a new COVID-19 stimulus plan ahead of the November 3 presidential election.
Us media have pointed out that Pelosi's move to set a deadline is aimed at putting pressure on the Trump administration. Given the legislative procedures of the Senate and House of Representatives, it will be difficult to reach a bill before the general election if it is still difficult for the two sides to reach an agreement before October 20.
Kudlow, the White House economic adviser, believes that even if the White House and Democrats agree on a new bailout package, due to time constraints, it is almost impossible to implement the bailout plan before the November 3 presidential election.
Rodrigo Catril, a strategist at National Bank of Australia in Sydney, said: "there is still no progress in the US economic stimulus negotiations, which darkens the prospects for a new round of support measures before the election. As a result, it is hard to see an agreement between the two sides before November 3, and the market is still holding the idea of a new round of stimulus coming, but at this stage, it seems more likely to happen after the election. "
As for the general election, Goldman Sachs analysts said that if Democratic candidate Joe Biden wins an absolute victory, it will mean that a larger stimulus bill can be passed. If Democrats can control both houses of Congress, US economic output will be supported by more fiscal spending and "friendlier trade policies".
On the other hand, the market continues to monitor the progress of Brexit.
David Frost, Britain's chief negotiator, made some rather pessimistic remarks yesterday, saying there was no reason to resume trade talks with the EU.
Meanwhile, British Prime Minister Johnson and some EU officials said the discussions were constructive and negotiations were expected to intensify this week.
ING points out that the market is now used to such contradictory news about Brexit and should be cautious before buying any incoming news.
Focus stocks
Anti-epidemic concept stocks were strong before trading, with Asolda Biopharmaceuticals up more than 110 per cent and Cleveland Biology Lab up 36 per cent Corbus Pharmaceuticals up nearly 5 per cent and moderna up nearly 3 per cent.
New energy vehicles were strong before the market, with ideal cars up nearly 4%, Xiaopeng up 3.33%, Xilai up 2.4% and Tesla 1.2%.
AMC fell 6.7% after the company announced earlier that it would sell 15 million common shares to increase liquidity and said it could run out of funds by the end of the year or early next year.
P & G rose 1.63% before trading. Earnings per share for the first quarter of fiscal 2021 were $1.63, compared with $1.36 for the same period last year, and the market is expected to earn $1.41.
IBM fell 2.8% before trading. In an earlier earnings call, the company did not issue financial guidelines because of the uncertainty of COVID-19 's epidemic.
UBS rose nearly 5% in pre-market trading, posted better-than-expected results in the third quarter and is expected to allocate $1.5 billion for share buybacks.
Moderna's pre-market gains widened to 5 per cent after CEO said data on the first mid-term trial of its COVID-19 vaccine would be released in November and would be approved in December if the results were optimistic.
Logitech rose more than 20% before trading, the company's second-quarter net profit rose 2.6 times year-on-year, and raised its full-year performance forecast.
Lockheed Martin rose 0.29% in pre-market trading. Third-quarter earnings per share were $6.25, compared with $5.66 in the same period last year, and the market is expected to be $6.08.
Philip Morris was up 0.82% in premarket trading. Earnings per share were $1.48 in the third quarter, compared with $1.22 in the same period last year.
BioNTech: the Marburg plant will produce 250 million doses of COVID-19 vaccine in the first half of next year, which will be supplied to China.
Microsoft will work with Space X on a satellite-based cloud service plan to compete with Amazon.
Verizon works with Nokia to provide private 5G services to companies in Europe and the Asia-Pacific region.
Softbank Corp. Group rescinded a $185 million consulting contract with the founder of WeWork.
Steinfer raised Microsoft's target price to $245 from $220.
Credit Suisse raised its target price for Pinterest to $36 from $31.
Citi raised its target price for Ford to $9 from $7.50.
Youxin second-hand cars rose nearly 30% in front of the market, after being further increased by Singapore's sovereign fund.
Happy car fell nearly 30 per cent before trading, closed up nearly 300 per cent yesterday, and has risen more than 1300 per cent this month.
Alibaba rose 1.22% before the market, today launched Tmall double 11 global carnival season.
Oppenheimer gave pinduoduo a "outperform" rating, with a target price of $100.
Barclays raised its target price for JD.com from $83 to $89. Raise Baidu's target price from $130 to $140. Raise Alibaba's target price from US $320 to US $360.