1. Wall Street set to rise as investors monitor chances for additional coronavirus stimulus
Wall Street was set to open higher Monday, with Nasdaq futures up nearly 2% after the tech-heavy index soared almost 4.6% last week for its best weekly performance since July. Friday's gains also capped a 3.8% weekly advance for the S&P 500, also its best week in three months. The Dow Jones Industrial Average jumped nearly 3.3% last week for its best weekly gain since August. Stocks were supported last week by hopes for additional coronavirus stimulus.
The White House on Friday increased its offer to $1.8 trillion, nearly double its original proposal in late summer and only $400 billion short of the most recent Democratic bill. The administration's latest overture was criticized by Democrats and Republicans on Capitol Hill. Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows sent a letter to Congress on Sunday, calling for a separate vote on Paycheck Protection Program funding for small businesses.
2. Week ahead: Bank earnings, Amazon Prime Day, Apple new iPhones
In the week ahead, major banks report earnings in the first wave of quarterly results from corporate America. Tuesday brings J.P. Morgan Chase and Citigroup. Goldman Sachs, Bank of America and Wells Fargo are out Wednesday, with Morgan Stanley on Thursday.
The 48-hour Amazon Prime Day sales event begins at 12:01 a.m. ET Tuesday. Retailers with brick-and-mortar locations, including Walmart, Target and Best Buy, will try to divert dollars from Amazon by offering their own deals and fulfilling orders quickly through curbside and in-store pickup.
Also Tuesday, Apple is set to reveal this year's new iPhones. Delayed a month due to coronavirus disruptions, the lineup is expected to include the first major exterior redesign since 2017, when Apple released the iPhone X with facial recognition.
3. Senate Judiciary Committee to begin Supreme Court confirmation hearing
The Supreme Court confirmation hearing for Amy Coney Barrett begins Monday and is expected to run through Thursday. Senate Judiciary Committee Chairman Lindsey Graham, R-S.C., expects the panel to approve the 48-year-old federal appeals judge next week, giving Senate Majority Leader Mitch McConnell enough time to bring the nomination to the Senate floor before the Nov. 3 election.
Confirmation of Barrett, nominated to replace the late longtime liberal Justice Ruth Bader Ginsburg, would solidify the court's conservative majority at 6-3. Democrats have argued that the decision on replacing Ginsburg should happen after the election.
The Supreme Court has become a campaign issue, with Trump pushing Barrett and Democratic presidential nominee Joe Biden refusing to say whether he would expand the number of high court justices to even the ideological divide.
4. Trump to return to campaign trail Monday for Florida rally
Looking to close Biden's national polling lead just 22 days before the election, Trump will try to put his bout of Covid-19 behind him when he returns to the campaign trail. The president on Monday begins a three-week sprint with a rally in swing state Florida. Trump also holds rallies in Pennsylvania on Tuesday, Iowa on Wednesday and North Carolina on Thursday.
Trump, who was released from the hospital last week after being treated there for three days, claimed on Sunday that he has fully recovered and is no longer infectious. However, he did not say directly whether he had tested negative. Speaking from the Truman Balcony at the White House on Saturday, the president urged hundreds of largely Black and Latino supporters to help get out the vote.
5. AstraZeneca awarded $486 million from U.S. government
U.K.-based AstraZeneca has been awarded $486 million from the U.S. government to develop and secure supplies of up to 100,000 doses of its Covid-19 antibody cocktail, which is similar to the Regeneron Pharmaceuticals' treatment given to Trump. U.S. drug companies Regeneron and Eli Lilly have applied to the FDA for emergency use authorizations of their antibody courses. AstraZeneca plans to supply up to 100,000 doses starting toward the end of the year, saying the U.S. government could acquire up to 1 million more doses in 2021 under a separate agreement.
— Reuters and The Associated Press contributed to this report. Follow all the developments on Wall Street in real-time with CNBC's live markets blog. Get the latest on the pandemic with our coronavirus blog.
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October 12, 2020 at 06:35PM
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5 things to know before the stock market opens Monday - CNBC
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