The move comes after President Donald Trump and former Vice President Joe Biden took part in the final presidential debate ahead of the Nov. 3 election. The two discussed a wide range of issues during the debate, including the coronavirus pandemic, foreign policy and health. However, futures remained slightly changed during the debate.
However, legendary hedge fund manager Paul Tudor Jones warned that this scenario could put pressure on stocks in the long run.
“I think the blue wave and Biden’s tax plan will hurt financial assets a lot in the long run,” he told CNBC’s Squawk Box.
However, Pelosi also softened expectations of Democrats and Republicans reaching a deal before the election, saying it could take “some time” for a bill to be written and signed.
Investors have been monitoring Washington in recent weeks as they assess the prospects for new coronavirus aid to be introduced. Several market experts and economists, including Federal Reserve Chairman Jerome Powell, believe it is imperative that lawmakers reach a deal on another stimulus package.
Stocks with larger movements in the premarket:
Intel (INTC) – The chipmaker reported third-quarter earnings of $ 1.11 per share, according to forecasts. Revenue was higher than expected at $ 18.33 billion, while analysts surveyed by Refinitiv expected $ 1.25 billion. However, the company’s Data Center Group reported a 7% drop in revenue and missed expectations. At the moment, the shares fell by 9.7%.
Mattel (MAT) – The toy manufacturer beat expectations. Mattel reported earnings of 95 cents per share and $ 1.63 billion in revenue. Analysts polled by Refinitiv expect 39 cents of profit and $ 1.46 billion in revenue. Shares rose 8.4%.
Gilead Sciences (GILD) – The Food and Drug Administration has approved the antiviral drug Gilead as a treatment for coronavirus. Previously, the drug was approved for emergency use. Shares rose 4.1%
Junior Trader Mert Mustafa