Tuesday Watch

Evening Headlines

Bloomberg:  

• Australia’s Ex-Treasurer Accuses China of ‘Immature’ Reprisals.
• U.S. Futures, Asia Stocks Rise Ahead of Election: Markets Wrap. U.S. futures and Asian stocks gained ahead of Tuesday’s presidential election. Crude oil rebounded. Shares in Australia and South Korea climbed. Futures edged up in Hong Kong. Japan is closed for a holiday and Treasuries won’t trade until London opens. S&P 500 Index futures headed higher. Earlier, the benchmark climbed after plunging 5.6% last week. The tech-heavy Nasdaq 100 lagged behind, weighted down by Apple Inc. and Amazon.com Inc. as investors rotated from so-called work-from-home stocks and into sectors that would benefit from more stimulus. Treasury yields dropped and the dollar traded near a one-month high. Elsewhere, oil clawed back earlier losses amid signals that Russia, a key OPEC ally, is in talks to possibly postpone the group’s planned output hike in January. S&P 500 Index futures rose 0.2% as of 8:12 a.m. in Hong Kong. The S&P 500 Index climbed 1.2%. Australia’s S&P/ASX 200 Index rose 1.3%. South Korea’s Kospi index rose 0.7%. Hong Kong’s Hang Seng Index futures gained 0.3% earlier.
• Oil Extends Gains on Signs OPEC+ Will Delay Easing Output Cuts.  
• Dalio China Push, Powell and Politics, Senate Stimulus: Eco Day.  
• Trump, Biden Make Final Push in States Seen as Key to Victory.  
• Corporate Insiders Want No Part of the Pre-Election Stock Market.  
• Ken Griffin’s Macro ‘Dream’ Propels Net Worth to $20 Billion.  
• Apple to Start Intel Breakup Next Week With New Mac Laptops.  
• Vornado Loses $409 Million on Fifth Avenue, Times Square Venture.

Wall Street Journal:

• France Endures Agonizing Autumn From Virus, Terrorism.
• Trump Is Terribly Flawed, but the Alternative Is Simply Terrible.
• Georgia May Decide the Senate Majority.
• What Pollsters Miss About Trump.

Fox News:

• Trump, Biden clash over declaring winner Election Night.
  

CNBC.com:

• Election 2020 updates: Biden lead over Trump narrows in swing states as campaign enters final hours.
• Americans show they’re eager to shop even as pandemic stretches on, retail economist says.
• Jim Cramer names 9 stocks to watch amid election results, rising cases.
• Stocks making the biggest moves after hours: PayPal, Mondelez, Skyworks Solutions and more.
• Joe Biden’s fundraiser list includes more than 30 executives with Wall Street ties.

Zero Hedge:

• Watch: National Guard Troops Arrive In Multiple US Cities Ahead Of Election Night Chaos 
• Roots Of Antifa: This 'Idea' Has Violent Consequences.
• Greenwald's Intercept Resignation Exposes The Rot In All Mass Media.
• At Least 1 Civilian Killed, Several Injured In Vienna Terror Attack.
• Biden Boosted By 'Tens Of Thousands' Of Fake Twitter Followers -- From India.
• Michigan Governor Whitmer Goes Full Orwell, Demands Full Names, Phone Numbers For All Restaurant Customers.
• The Best And Worst Performing Assets In October.
• Despite Tech Tumble; Stocks, Bonds, Gold, & The Dollar Rally On Election Eve.

The Epoch Times:

• Rep. Banks Urges Chamber of Commerce to Rethink Opposition to Ban on Chinese-Made Drones.
  

Digital Blackboard:

• Daily New Cases by Region.

Worldometer:

• New Cases/Deaths by state.

Rt Covid-19:

• How fast virus is growing by state.

KFF:

• State Data(Tests/Hospitalizations).

Night Trading 

• Asian equity indices are +.5% to +1.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 69.0 unch.

• China Sovereign CDS 39.25 unch.

• Bloomberg Emerging Markets Currency Index 58.57 +.04%.
• Bloomberg Global Risk-On/Risk Off Index -396.0 -3.0 points.
• Volatility Index(VIX) futures 32.70 -1.43%
• FTSE 100 futures +.64%.

• S&P 500 futures +.43%.

• NASDAQ 100 futures +.37%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (AGCO)/1.00
• (ETN)/1.04
• (EMR)/.94
• (EXPD)/.99
• (FOXA)/.74
• (HUM)/2.78
• (JCI)/.73
• (LPX)/1.45
• (MCK)/3.88
• (SYY)/.27
• (VSH)/.23
• (W)/.83
  

After the Close:

• (MYGN)/-.30
• (PRU)/2.67

Economic Releases

10:00 am EST

• Factory Orders for Sept. is estimated to rise +1.0% versus a +.7% gain in Aug.
• Factory Orders Ex Transports for Sept. is estimated to rise +.6% versus a +.7% gain in Aug.
• Wards Total Vehicle Sales for Oct. is estimated to rise to 16.5M versus 16.34M in Sept.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The releasing of election exit polls, China PMI report and the weekly US retail sales reports could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are modestly higher, boosted by technology and commodity shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.