FBI: Russia, Iran have attempted to interfere with US election

US directory of national intelligence Ratcliffe announces the discovery

  • US has identified Russia, Iran as countries who have attempted to interfere with the US election
  • Has sent spoof emails designed to intimidate voters, incite unrest, damage Pres. Trump
  • Aware that Russia has obtained some voter information
  • intelligence community court threat, reacted swiftly
  • This is not a partisan issue
  • Prepared for actions by those hostile to democracy

The interference apparently came through emails threatening those who voted against Trump.

Radcliffe says that the email, apparently from The Proud Boys, is intended to hurt Pres. Trump. Of course, if a recipient was intimidated by the email, it might benefit Pres. Trump.
Regardless of the intentions, stopping interference in elections is certainly a prerogative. FBI’s Wray is on the wires saying:
  • The FBI will not tolerate 4 interference elections
  • Election infrastructure remains resilient

Some end of day US Covid statistics from Reuters

Covid trends across the US

  • Record daily increases in Covid 19 deaths reported in Iowa, Minnesota, Montana, and Wisconsin
  • Record daily increases in Covid cases reported in Illinois, Ohio, and Wisconsin
  • Illinois reported 66 new Covid deaths on Wednesday, highest single day increase since June 17
  • 12 of 50 US states have reported record daily increases in deaths so far in October.
  • 26 states have reported record daily increases in new cases in October

Pelosi spokesperson: Conversation brings us closer to being able to put pen to paper

Speaker Pelosi’s chief of staff Drew Hamill

House speaker Pelosi’s chief of staff Drew Hamill is tweeting:
  • Speaker Pelosi and Treasury Secretary Mnuchin spoke for 48 minutes
  • Conversation brought 2 sides closer to being able to put pen to paper to write legislation
  • with the exchange of legislative language, we are better prepared to reach compromise on several priorities
  • Differences continue to be narrowed on health priorities including language providing a national strategic testing and contract track tracing plan
  • More work needs to be done to ensure schools are the safest place in America for children to learn
  • Pelosi and Mnuchin plan to speak again tomorrow hopefully with further guidance from committee chairs as they work work to resolve open questions

Tesla earnings better-than-expected

Earnings come in at $0.76 vs. estimate of $0.57

Tesla earnings are coming out better-than-expected with EPS at $0.76 vs. estimates of $0.57.
  • Revenues $8.77 billion vs. estimate $8.36 billion
  • 3rd quarter free cash flow $1.4 billion vs. $418 million quarter on quarter
The stock is trading up 3.3% at $437
Whirlpool also smashed earnings estimates on both the top and bottom lines and reinstated 2020 guidance
  • Revenues $5.29 billion vs. $4.76 billion estimate
  • earnings per share come in at $6.91 vs. $4.20 estimate. Dividend was up
  • reinstated 2020 guidance  expected $17.50 to $18 EPS vs. $13.50 estimate
  • increased dividend to a $1.25
Whirlpool shares are up 9% in after-hours trading

Major US indices close lower on the day and near the lows of the day

Up and down trading day on stimulus hopes

The major US indices are ending the session with modest declines – but near the lows – in what has been an up and down session spurred on by the coronavirus stimulus talks out of Washington.
The final numbers are showing:
  • S&P index -7.64 points or -0.22% at 3435.48
  • NASDAQ index -31.799 points or -0.28% at 11484.69
  • Dow industrial average -98.1 points or -0.35% at 28210.69
The major indices gave up earlier gains.
  • The S&P index was up 21.74 points at the high
  • The NASDAQ index is up 97.3 points at the high
  • The Dow industrial average was up 141 points at the high
Tesla will report Q3 results after the bell (at about 4:20 PM ET)
  • earnings-per-share expected at $0.57
  • revenues expected at $8.36 billion
Also reporting after the close are Chipotle, CSX, Whirlpool, and Sands.
European indices today also close lower across the board and near their session lows. The UK FTSE 100 and Italian MIB was the weakest of the majors.

Up and down trading day on stimulus hopes_

Fed’s Beige Book: Economic activity improved at slight to modest pace

The latest Fed report on the economy

  • Growth continued but was slight-to-modest
  • Manufacturing generally increased at moderate pace
  • Commercial real estate conditions continued to deteriorate in many districts
  • Consumer spending growth remained positive, but some Districts reported a leveling off of retail sales and a slight uptick in tourism activity.
  • Districts characterized the outlooks of contacts as generally optimistic or positive, but with a considerable degree of uncertainty
  • Banking contacts in many Districts expressed concern that delinquency rates may rise in coming months
  • Overall, consumer prices across Districts rose modestly

There are some worrisome comments on New York real estate in the report, saying condo sales were down nearly 50% y/y with inventories rising sharply. They also noted that office rental rates were down 8% y/y.