Evening Headlines

Bloomberg:  

• Remittance Boom Is Turning Into a Bust for Asia Emerging Markets.
• Broke Millennials Turn to Day Trading to Strike It Rich in Korea.
• Asia Stocks to Drop, Banks in Focus; Dollar Jumps: Markets Wrap. Asian stocks dipped at the open Tuesday after U.S. equities slid on concerns over coronavirus restrictions and prospects for economic stimulus. The dollar was steady after posting the biggest gain in three months. Benchmarks fell in Australia and South Korea, while S&P 500 futures ticked higher. After approaching the threshold that many investors consider to be a market correction, the U.S. benchmark came off session lows Monday. The Nasdaq 100 climbed. Japan is shut for a holiday and cash Treasuries won’t trade until the London open. S&P 500 futures rose 0.4% as of 10:19 a.m. in Sydney. The S&P 500 dipped 1.2%. Australia’s S&P/ASX 200 Index fell 0.7%. South Korea’s Kospi index fell 0.8%. Hong Kong’s Hang Seng Index futures lost 0.4% earlier.
• Oil Recovers to Near $40 as Tropical Storm Beta Inundates Texas.
• Fed on Recovery, ECB’s Room to Move, Stimulus Prospects: Eco Day.
• Fed’s Powell Says U.S. Economy Faces Long, Uncertain Recovery.
• Trump Zeroes In on Judge Barrett as Likely Supreme Court Pick.  
• Illinois May Look More Like Junk as Pressure Rises, S&P Says.
• Grassley Supports Voting on Trump Nominee, Adding to GOP Tally.
• SCOTUS Confirmation by Nov. 3 Would Be Difficult But Not Unprecedented.
• Morgan Stanley Warns Nasdaq 100 May Fall More Than 20% From Peak.
• CBO Sees U.S. Federal Debt Almost Double Economy’s Size in 2050.  
• U.S. Household Net Worth Soars to Surpass Pre-Pandemic Peak.

Wall Street Journal:

• Medicare Won’t Cover Costs for Emergency Virus Vaccine.
• Fever Isn’t a Good Gauge for Coronavirus, Doctors Say.
• TikTok’s Zero Hour: Haggling with Trump, Doubts in China and a Deal in Limbo.
• Activist Trian Fund Management Takes Stake in Comcast.
• Some New York Lawmakers Push to Raise Millionaires’ Taxes.
  

Fox News:

• Angry protests over Supreme Court vacancy target residences of top GOP lawmakers.
• Cuomo may deploy National Guard on Election Day.
• EXCLUSIVE: Trump previews debate with Biden.
  

CNBC.com:

• Dow drops more than 500 points, S&P 500 posts first 4-day losing streak since February.
• Coca-Cola will enter U.S. hard seltzer market in first half of 2021, CEO says.
• Nikola founder forfeits $166 million in stock he would have lost and gets to keep $3.1 billion.
• Stock sell-off accelerates and is expected to get worse before it gets better.
• Federal judge allows extra week for counting Wisconsin absentee ballots.
• Biden’s capital gains tax hike may spark a big sell-off in stocks: What that means for the market.
• Stocks making the biggest moves after hours: Nikola, Comcast, Roku & more.
• Jim Cramer says the ‘lockdown trade’ is back as coronavirus concerns rise.

Zero Hedge:    

• Emmys Hit Lowest-Ever Ratings With Just 6.1 Million Viewers.
• CNBC Screamfest Culminates With Muddy Waters Teasing Reveal Of New Short That "Makes Tesla Look Like Microsoft".
• "End School To Prison Pipeline" - New Kim Klacik Ad Highlights How Liberals Destroyed Baltimore.
• Another Bloody Chicago Weekend Sees Almost 40 Shot, With Homicides Up 50%.
• Inflation As A Tool Of The Radical Left.
• NYPD Officer Arrested, Charged With Spying For China.
• House GOP Report Reveals Extent Of China COVID-19 Coverup; Slams WHO Director Tedros Over "Gross Mishandling".
• Fears Of 2nd UK Lockdown Intensify, California 3rd State To Top 15,000 COVID-19 Deaths: Live Updates.
• Tesla Tumbles After Musk Pours Cold Water On Battery Day Expectations.
• Goldman Sachs Promotes First Woman To Lead Investment Bank As CEO Strives To Meet 'Diversity' Goals.
• Fed Releases Powell's Congressional Hearing Prepared Remarks, Defends Poor Uptake Of Main Street Bailout.
• 2020 Has Been A "Nightmare Year" For America, And The Economic Fallout Is Just Getting Started.
• Furious Mayors Of New York, Seattle And Portland Respond To Trump's "Anarchy" Designation.
• 'Bad' Banks, Bader Ginsburg, And Limey Lockdowns Slam Stocks & Silver, USD Soars.
  

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 -.75% to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 74.5 (new series).

• China Sovereign CDS 45.0 (new series).

• Bloomberg Emerging Markets Currency Index 60.04 -.01%.
• Bloomberg Global Risk-On/Risk Off Index 2.0 -3.0 points.
• Volatility Index(VIX) futures 31.15 -.24%
• FTSE 100 futures +.89%.

• S&P 500 futures +.26%.

• NASDAQ 100 futures +.39%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (AZO)/22.72
  

After the Close:

• (HTZ)/-3.48
• (KBH)/.51
• (NKE)/.49
• (SCS)/.37
• (SFIX)/-.17
  

Economic Releases

10:00 am EST

• Existing Home Sales for Aug. is estimated to rise to 6.0M versus 5.86M in July.
• Richmond Fed Manufacturing Index for Sept. is estimated to fall to 12.0 versus 18.0 in Aug.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The House hearing with Treasury Secretary Mnuchin/Fed Chair Powell, Fed's Barkin speaking, Fed's Bostic speaking, weekly US retail sales report, $52B 2Y T-Note auction, DA Davidson Industrials/Services Conference, BofA Financials CEO Conference and the (TSLA) battery day event could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

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