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The “Barron’s Roundtable” panel analyzes the headwinds and tailwinds facing the market
U.S. equity futures were slightly lower on Monday morning as President Biden’s economic program stalled and investors awaited the latest news on Chinese real estate developer Evergrande.
Dow Jones Industrial Average futures fell 102 points, or 0.3%, while S&P 500 and Nasdaq 100 futures fell 0.35% and 0.48% respectively.
House Speaker Nancy Pelosi delayed votes on a bipartisan infrastructure bill and $ 3.5 trillion spending plan over the weekend amid internal party wrangling. Pelosi, D-Calif., Had previously promised moderate Democrats that a vote on the bipartisan plan would take place no later than September 27, but the Progressive Party said it would vote against the measure if the $ 3.5 trillion package of dollars was not adopted first.
A STRONG RISE IN RATES WILL REACH STOCKS: GOLDMAN SACHS
However, the broader spending plan, which Democrats hope to pass through budget reconciliation to avoid Republican obstruction, was doomed in the Senate after moderate Democratic Senators Joe Manchin of West Virginia and Kyrsten Sinema of West Virginia and Kyrsten Sinema of West Virginia Arizona spoke out against the size of the package.
Democrats are now looking for ways to cut their spending plan, with votes on both bills now expected by October 31.
Meanwhile, shares in the Evergrande group were suspended in Hong Kong ahead of the announcement of a “major transaction”. Chinese state media Global Times reported that Evergrande would sell about 51% of its real estate services business to developer Hopson.
Closer to home, Merck & Co. continued to increase for a second day after the drugmaker announced last week that its pill used to treat COVID-19 gave positive results in a key study. Shares of rival vaccine makers Moderna Inc. and Novavax Inc. fell on the news.
Elsewhere, Tesla Inc. delivered 241,300 electric vehicles in the third quarter, exceeding the 227,000 deliveries expected by Wall Street analysts. The total was 72% higher than the 140,000 deliveries during the same period last year.
The Engine No. 1 hedge fund has declared its support for General Motors’ goal of having all of its vehicles electric by 2035. The hedge fund gained notoriety earlier this year for appointing three independent directors focus on the Exxon Mobil board.
Delta Air Lines Inc. restored its initial quarterly revenue guidance amid improving ticket sales. The company expects revenues to be 30-35% below 2019 levels.
In commodities, West Texas Intermediate crude oil climbed 11 cents to $ 75.99 per barrel while gold fell $ 9.20 to $ 1,749.20 per ounce.
The overseas markets were mixed.
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European stock exchanges traded slightly higher, with the German DAX 30 rising 0.04%, the UK FTSE 100 advancing 0.18% and the French CAC 30 gaining 0.19%.
In Asia, Japan’s Nikkei 225 fell 1.13% and the Hong Kong Hang Seng index fell 2.19%. The Shanghai Composite in China has been closed for holidays and will not reopen until Friday.
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