1. Dow set to bounce after sinking over 410 points
Dow futures pointed to an over 100 point gain at Tuesday's open, one day after the 30-stock average saw a late-session acceleration in losses to close off 410 points or 1.4%. The S&P 500 fell 1.6%. The Nasdaq lost nearly 1.7%, extending its losing streak to five sessions. The Dow and S&P 500 snapped three down days in a row with gains Friday. Heading into the new trading day, third-quarter earnings reports and talks between House Speaker Nancy Pelosi and White House officials on additional coronavirus stimulus have dominated investor attention. Netflix and Snap are set to report quarterly results after Tuesday's market close.
The Justice Department on Tuesday will file a lawsuit, reportedly accusing Alphabet's Google of abusing its dominance in online search to stifle competition and harm consumers. The litigation marks the government's most significant antitrust move since its groundbreaking case against Microsoft more than 20 years ago. The suit could be an opening salvo ahead of other major government actions, given ongoing investigations of major tech companies including Apple, Amazon and Facebook at both the DOJ and the Federal Trade Commission.
2. Dow stocks Travelers, P&G, IBM report earnings
Three Dow stocks are out with earnings, beginning with Travelers Companies, whose shares jumped 3% in premarket trading. The property and casualty insurer beat estimates with adjusted third-quarter per-share earnings of $3.12 and revenue of $7.77 billion.
Shares of Procter & Gamble rose 1.7% in the premarket after the consumer products giant Tuesday morning reported better-than-expected adjusted fiscal first-quarter earnings of $1.63 per share. Revenue, which also best estimates, rose 9% to $19.32 billion, fueled by demand for its cleaning and laundry products during the coronavirus outbreak. P&G also raised its sales outlook for fiscal 2021.
After the bell Monday, IBM reported adjusted third-quarter earnings of $2.58 per share, matching forecasts. While revenue of $17.56 billion slightly beat estimates due to higher demand for cloud services, sales did decline for the third straight quarter. IBM also declined to issue fourth-quarter outlook due to pandemic-related uncertainty. Shares fell 3% in premarket trading.
3. Pelosi's office says the speaker and Mnuchin making progress on stimulus
With Pelosi's 48-hour deadline for a coronavirus relief deal before the Nov. 3 election about to expire, the California Democrat and Treasury Secretary Steven Mnuchin plan to speak again Tuesday. The speaker's office said Monday that Pelosi and Mnuchin have made some progress in recent negotiations. House Democrats most recently passed a $2.2 trillion bill, while the White House has put forward a nearly $1.9 trillion proposal.
Senate Republicans, who want a much smaller aid package than what's under discussion, could oppose any possible Pelosi-Mnuchin agreement. The Senate is expected to vote Tuesday on a stand-alone Paycheck Protection Program funding bill ahead of a planned vote as soon as Wednesday on a roughly $500 billion overall Covid-19 stimulus measure.
4. Trump holds a Pennsylvania rally two days before the final debate with Biden
President Donald Trump holds a rally in the battleground state of Pennsylvania on Tuesday evening. He's expected to be joined by first lady Melania Trump, who like her husband has recovered from Covid. The president pulled off a slim upset victory in Pennsylvania in 2016 and his reelection hopes may hinge on whether he can do it again. The RealClearPolitics average of polls in Pennsylvania shows Democratic rival Joe Biden's lead narrowing to 3.8 points. About a week ago, Biden was over 7 points ahead of Trump in the Keystone state.
The new rules are out for the final presidential debate on Thursday night in Nashville, Tennessee. To avoid a repeat of the chaotic first debate between Trump and Biden, the candidates' mics will be alternately muted so each can speak uninterrupted for two minutes at the beginning of every 15-minute debate segment. In a statement, Trump's campaign manager accused the debate commission of bias but said the president is "committed to debating Joe Biden regardless of last minute rule changes."
5. Moderna CEO puts a timetable on possible emergency authorization for its Covid vaccine
Moderna CEO Stephane Bancel told a Wall Street Journal conference the drugmaker's Covid vaccine candidate could receive emergency use authorization from the FDA in December, depending on results expected next month from its large clinical trial. In September, Bancel told the Financial Times that Moderna would not be ready to apply for emergency use for its vaccine before Nov. 25 at the earliest. In addition to Moderna, Pfizer, and AstraZeneca, among others, are racing to develop coronavirus vaccines.
— The Associated Press and Reuters 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 20, 2020 at 07:06PM
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5 things to know before the stock market opens Tuesday - CNBC
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