October 29, 2020
Dear Fellow Investor,
It’s going to be a busy day on Wall Street today, after a big 3.5% selloff yesterday, the largest in four months. Virus lockdowns are overshadowing a day stuffed with news from corporate earnings to central-bank decisions and economic data.
The U.S. futures were up this morning, Asian markets were mixed and European markets were off.
The GDP, jobless claims, and September home sales reports are due today. The GDP is expected to make a big leap as the economy rebounded from virus closures.
Global equities are headed for their worst month since June, stemming from various fronts such as the failure of Congress to approve a stimulus package before the election, new lockdown measures to fight the pandemic spread, and new daily virus spikes in Italy, Spain, and Germany.
“Market sentiment is turning, with investors buffeted by U.S. election uncertainty and now economic worries from rising Covid-19 cases across Europe,” said Kerry Craig, global market strategist at JPMorgan Asset Management.
Pre-Market Stock Movers October 29
It’s tech day for earnings reports:
- Amazon (NASDAQ:AMZN)
- Facebook (NASDAQ:FB)
- Apple (NASDAQ:AAPL)
- Alphabet (NASDAQ:GOOGL)
- Twitter (NYSE:TWTR)
Ford Motor Company (NYSE:F) and Pinterest, Inc. (NYSE:PINS) reported better than expected results for the third quarter, and Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) reported their Covid-19 antibody cocktail reduced viral load and the need for medical attention.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is in final negotiations to acquire chip maker Inphi Corporation (NASDAQ:IPHI) for $10 billion.
Recent Unusual Options Activity
These are the options trades making waves today:
- An investor placed a trade for $609,000 on Tesla, Inc. (NASDAQ:TSLA) with a $470 put expiring on October 30, 2020.
- Another trade was placed for $270,408 on Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM) with a $90 call expiring on November 20, 2020.
- And one more trade was placed for $124,500 on Apple Inc. (NASDAQ:AAPL) with a $1oo call expiring on October 30, 2020
Have a great day,
The BLI Team