Keep Those Shoulders Warm…. There’s been so much to shrug off today that investors’ shoulders must be tired. Foreign interference in the election, jobless claims data, rising Covid cases, earnings galore… the list goes on, yet indices are not far from unchanged as focus remains stubbornly fixated on stimulus negotiations (though UST yields are on the move higher again). A few murmurings of progress were enough to pull stocks off morning lows, but we’re now back in wait and see mode (my guess is more waiting than seeing to come). Also plenty more to see and hear tonight as Biden and Trump square off in a final debate, but it’s interesting to note how little anticipation there seems to be for the event at this point in the race (and after the first one). Banks are leading after some more earnings pops from the regional banks (HBAN +6.6%, MTB +5.3%, KRE +9% since last Wed), with Financials also in the green with Goldman Sachs (GS +1.4%) seeing some relief from its 1MDB settlement despite the massive price tag. Telecoms are higher at AT&T (T +5.7%) rang up some wireless gains and Energy is outperforming as Oil fights to partially regain yesterday’s slide. Kimberley Clark’s q3 (KMB -4.5%) disappointment is dragging Household Goods; Transports are lower as CSX (+3.8%) and Union Pacific (UNP -5.8%) presented dueling outcomes for the freight cos and as airlines gained despite American (AAL +2.8%), Alaska (+3.2%), and Southwest (LUV +5.1%) adding to the parade of quarterly losses.
The content on this site is available to all Redburn clients as part of Redburn Execution’s standard service. It is not considered substantive research and there are no commercial implications to viewing these pages.
Please enter your email address below to view this page. If you are still unable to access the page, please speak to your account manager.