Stock futures open flat amid positive virus treatment data, debate looms – CNBC

U.S. stock futures traded flat on Tuesday night after the commence of coronavirus medication recordsdata from Regeneron Pharmaceuticals whereas traders awaited the important thing presidential debate. 

Dow Jones Industrial Moderate futures had been up lawful 13 components, or 0.1%. S&P 500 and Nasdaq 100 futures also rose marginally.

After the closing bell, Regeneron stated its REGN-COV2 drug diminished viral phases and improved indicators in non-hospitalized coronavirus sufferers. “The most life like medication support used to be in sufferers who had no longer mounted their very absorb effective immune response, suggesting that REGN-COV2 may presumably per chance offer a therapeutic exchange for the naturally-occurring immune response,” Regeneron Chief Scientific Officer George D. Yancopoulos stated in an announcement.

Regeneron’s announcement came after concerns over a virus resurgence dampened market sentiment on Tuesday, ensuing in the important thing averages snapping a 3-day winning plod. The Dow dipped extra than 100 components, or 0.5%. The S&P 500 also closed 0.5% decrease and the Nasdaq Composite slid 0.3%.

New York Metropolis Mayor Bill de Blasio stated the metropolis’s on daily foundation obvious rate of coronavirus tests is support above 3% for the important thing time in months.

“Coronavirus infection charges are rising in Europe and the US as teenagers return to university,” Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, wrote in a repeat. “We inquire the US to proceed its modest tempo of business development, though virus boost and a softer labor market are threats.”

Futures had been kept in take a look at as traders braced for the important thing presidential debate between President Donald Trump and Democratic nominee Joe Biden, which is feature to originate at 9 p.m. ET. Biden comes into the controversy with an realistic lead of 6.1 share components in most up-to-date polls, consistent with RealClearPolitics.

Many market strategists be pleased cited uncertainty spherical the election as a key headwind for the market earlier than twelve months-pause with every final result bringing its absorb risks and benefits. Some traders be pleased raised concerns about a doubtless Biden pick as they anxiety it may per chance really presumably per chance presumably lead to increased corporate taxes and rules. But at the the same time, it may per chance really presumably per chance presumably ease concerns about the alternate war and lack of stimulus to bolster the economy in the wake of the coronavirus.

Merchants are also worried that after the debates the bustle may presumably per chance presumably change into even closer, leaving the doable for a drawn-out election direction of the set the Nov. 3 result is just too shut to name and neither candidate concedes. That uncertainty may presumably per chance presumably in particular weigh on the market.

“A lot may per chance be on the road,” Tom Block, Washington policy strategist at Fundstrat World Advisors, stated in a repeat to clients about the controversy. “On the plus facet the President is a educated entertainer and loves the digital camera … However the President has such self perception in his skill to debate that he will not be any longer more likely to spend considerable time making ready.”

Biden “will most certainly be pleased hours of mock debate classes and may presumably per chance presumably simply compose a fastidiously thought-out scheme; whereas the President will stride by intuition for the abolish,” Block stated.

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