Markets react to COVID-19 increases and stimulus gridlock. Value groups dragged on the market, while technology stocks continued their run amid stimulus deal talks, helping lift the Nasdaq Tuesday.
- US stocks opened lower today on increasing COVID-19 trends.
- European stocks are down. Germany and France are considering new lockdowns to stem surging COVID-19 spread.
- Asian markets finished mostly lower.
Vaccine pre-orders. The United States will pay Eli Lilly $375 million for its experimental antibody treatment. Sanofi and GlaxoSmithKline will make 200 million doses of their experimental vaccine available.
Election 2020. With 6 days remaining until Election Day, early voting participation continues to grow, with over 71 million Americans having cast their votes as of October 27. Nationally, over 51% of the total voter turnout in 2016 has already been submitted. Texas currently leads the way, where voters have submitted over 86% of its 2016 total votes (source: US Election Project).
COVID-19 news. New daily US COVID-19 cases rose 4% compared with the prior week, while the seven-day average, at over 70,000, is 18.5% above week-ago levels—the 19th straight day of double-digit increases (source: COVID Tracking Project).
- Hospitalizations are steadily rising but have lagged new cases up to this point because patients are skewing younger.
- Chicago halted indoor dining.
- France may impose a one-month national lockdown.
- Germany may close bars and restaurants and ban travel.
LPL Research in the Media
Chief Market Strategist Ryan Detrick was featured in a Fox Business article on Yahoo! Finance.
Read Stocks Historically Win in this Election Scenario
LPL Research Equity Strategist Jeff Buchbinder was quoted in the Barron’s online article, “Tech Stock Valuations Look Increasingly Stretched.”
Read Small-Cap Earnings Momentum
LPL Research and a recent S&P 500 chart were featured on MarketWatch.
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