Bill Gates (15) and Paul Allen (17) at Seattle’s Lakeside School in 1970. 5 years later, they founded Microsoft.
Archives of “October 6, 2020” day
rss“The first rule of compounding is to never interrupt it unnecessarily.”
Chatter about that House panel will examine break up of tech giants
Bloomberg headline with no further detail at this stage – remark attributed to a ‘Republican’
Here we go … more
- Republican: House panel to propose breakup of tech giants
- recommendations to call for dramatic overhaul of antitrust
This is what has kicked the equity indexes lower, NASDAQ is down 0.3%
Reminder – China is closed again today, markets there reopen on Friday (Asia time)
A reminder only, China is out for the long Golden Week holiday
Will return on Friday October 9 local time
Until then there are no daily onshore yuan mid-rate settings.
The yuan has edged a little higher since Monday after its big gains of recent weeks, offshore yuan chart below:
Meanwhile, S&P futures have lost their earlier gains. AUD, GBP, EUR all just a touch off their highs against the USD now also. The Trump media event (leaving hospital) seems to have been the high point so far for the session.
NY Times reports the next Trump-Biden debate may be held virtually
The next head-to-head between the two is scheduled for October 15.
This comes in the wake of Trump testing positive and being admitted to hospital. He is said to be leaving hospital Monday evening US time and heading back home to the White House.
- October 15 would fall within the time frame when Trump should be isolating.
- The White House has decided not to trace the contacts of guests and staff members at the September 26 Rose Garden celebration for Judge Amy Coney Barrett
- At least eight people, including the president, may have become infected at this event.
- Thus it would appear the White House is a hotspot workplace at present.
It would be a novelty holding the debate virtually.
2020 and its surprises continue ….
Mnuchin / Pelosi exchange indicative of distrust between the two sides
US media citing an unnamed source for the exchange:
- says Treasury Secretuary Steve Mnuchin asked Speaker Pelosi if he could come to the Hill Friday for stimulus talks & she said no.
- She said she can’t trust anyone in the White House on COVID-19.
- “The way they treat people – I don’t want them here.”
Which doesn’t sound too positive …
Major US stock indices close near highs for the day
NASDAQ index rises 2.25%
The major US stock indices surged higher as investors cheered the potential for a stimulus package. Mnuchin and Pelosi are said to be exchanging new ideas.
The stocks were also buoyed by a better-than-expected ISM services index for September which rose to 57.8 from 56.9 last month. The expectations were for a decline to 56.2.
Some highlights today included:
- Indices higher for the 3rd day in 4 days
- The stocks did rally after Trump says he was leaving the hospital
- Dow on pace to close at the highest level since September 3
- Russell index is leading with a gain of 2.78%
- All 11 sectors of the S&P closed higher
- NASDAQ had its best-performance in nearly one month
- The best performing sector was energy. WTI crude oil Oil prices rose over 6.2%
The final numbers are showing:
- S&P index up 60.18 points or 1.8% at 3408.62. The high price reached 3409.57. The low price extended to 3367.27
- NASDAQ index up 257.46 points or 2.32% at 11332.48. The high price reached 11335.21. The low price extended to 11162.52
- Dow industrial average rose 465.77 points or 1.68% at 28148.58. The high price reached 28162.64. The low price extended to 27825.42
Thought For A Day
