Stocks are set to open slightly lower after no stimulus deal has materialized after the “deadline” has passed. Of course, the deadline was no deadline at all and negotiations continue as policy makers try to move a COVID relief bill before the election.
Investors are trying their best to move their focus from Washington to Wall Street as earnings season gets rolling. Netflix, Tesla, American Express and Biogen are some of the bigger names this week.
The bulls expect better than expected results as corporate America has adjusted well to the pandemic. The early read on earnings is just that, but the price action following results has followed a “sell the news” approach thus far.
S&P Futures Trading Levels
The S&P futures currently sit at 3430, which is 10 handles off the overnight low.
Support levels for the day will be 3407 and 3387.
Upside resistance is 3460 and 3490.
The current S&P trading environment is a sideways chop. The near-term catalyst is the stimulus deal that will likely cause a 50-100 handles move either up or down.
Three Stocks to Watch
NFLX- Earnings miss last night after the company posted weak subscriber gains.The company saw Q3 at 1.74 v the $2.13 expected, but guided Q4 higher. Investors will need to determine if the slowdown in growth was due to the surge during the pandemic or if this quarter is the start of a larger trend.Off over 5% premarket, the stock will gap down below its 50-day moving average, but is still well above its 200-day at $435.
SNAP- Snapchat reported Q3 at $0.01 v the -$0.06 expected and beat on revenues. The company says daily active users are up 18% year after year and now sees revenue per user at $2.73, up 43% quarter over quarter.
The positive report has the stock trading at all-time highs, up over 20% in the premarket.
WGO– Big earnings beat from Winnebago, with the company reporting Q4 at $1.45 v the $0.90 expected. Revenue also beat as the company saw motorhome revenue up 50.4% year over year. The company is seeing a record backlog as consumers shift to regional vacations involving camping, instead of and traveling internationally.
Legal Marijuana: An Investor’s Dream
Imagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.
Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
Download Marijuana Moneymakers FREE >>
Image: Bigstock
Stimulus Hope Fades as Deadline Has Passed
Stocks are set to open slightly lower after no stimulus deal has materialized after the “deadline” has passed. Of course, the deadline was no deadline at all and negotiations continue as policy makers try to move a COVID relief bill before the election.
Investors are trying their best to move their focus from Washington to Wall Street as earnings season gets rolling. Netflix, Tesla, American Express and Biogen are some of the bigger names this week.
The bulls expect better than expected results as corporate America has adjusted well to the pandemic. The early read on earnings is just that, but the price action following results has followed a “sell the news” approach thus far.
S&P Futures Trading Levels
The S&P futures currently sit at 3430, which is 10 handles off the overnight low.
Support levels for the day will be 3407 and 3387.
Upside resistance is 3460 and 3490.
The current S&P trading environment is a sideways chop. The near-term catalyst is the stimulus deal that will likely cause a 50-100 handles move either up or down.
Three Stocks to Watch
NFLX- Earnings miss last night after the company posted weak subscriber gains.The company saw Q3 at 1.74 v the $2.13 expected, but guided Q4 higher. Investors will need to determine if the slowdown in growth was due to the surge during the pandemic or if this quarter is the start of a larger trend.Off over 5% premarket, the stock will gap down below its 50-day moving average, but is still well above its 200-day at $435.
SNAP- Snapchat reported Q3 at $0.01 v the -$0.06 expected and beat on revenues. The company says daily active users are up 18% year after year and now sees revenue per user at $2.73, up 43% quarter over quarter.
The positive report has the stock trading at all-time highs, up over 20% in the premarket.
WGO– Big earnings beat from Winnebago, with the company reporting Q4 at $1.45 v the $0.90 expected. Revenue also beat as the company saw motorhome revenue up 50.4% year over year. The company is seeing a record backlog as consumers shift to regional vacations involving camping, instead of and traveling internationally.
Legal Marijuana: An Investor’s Dream
Imagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.
Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
Download Marijuana Moneymakers FREE >>