The U.S. presidential election is 19 days away and investors are growing increasingly certain of a Joe Biden victory, as the former vice president has maintained and added to his sizable lead over President Trump in national polling and betting odds.
What's happening: Biden's edge recently rose above 10 percentage points, according to polling averages from FiveThirtyEight and Real Clear Politics, an important milestone.
Some of America's biggest banks are making more money now than they were before the pandemic hit.
Why it matters: Quarterly earnings out this week hint that the worst economic scenarios haven't yet come to pass. Still, executives are warning there could be a rocky road ahead for the economy.
Earnings season officially kicks off today with big banks reporting and analysts are expecting strong outperformance.
What's happening: In the second quarter there was an unusually high 12.5 percentage point improvement in earnings results from their original projections (to -31.6% from -44.1%) due to a record-high percentage of companies reporting positive EPS surprises (84%).
Markets got a shot in the arm from fiscal stimulus expectations last week, but it's not negotiations between House Speaker Nancy Pelosi and the Trump administration that's got investors' attention — it's the largesse of spending expected from Pelosi, President Joe Biden and a Democratic Senate in 2021.
What's happening: Trump's polling numbers have fallen through the floor since the first presidential debate on Sept. 29.
Joe Biden’s widening lead in polls is providing a bullish cue to investment strategists: Wall Street now sees less chance of a contested election and more chance of a "blue wave" — Democrats taking the House, Senate and White House — and the hearty stimulus that could follow.
Why it matters: A clear-cut Democratic win would "provide certainty to markets that have been nervous about election risks," Bloomberg reports, citing strategists from Citigroup to JPMorgan Chase.
The paradoxes of Trumpism were on full display Tuesday. Over the course of the day, Trump agreed with Fed chair Jay Powell that the need for fiscal stimulus is urgent, requested that Congress fund a new round of stimulus checks — and, at the same time, instructed his Treasury secretary to cease all negotiations on Capitol Hill and put off any stimulus until after the election.
The latest: As Axios' Alayna Treene and Jonathan Swan reported Thursday, Trump phoned House Minority Leader Kevin McCarthy and indicated he was worried by the stock market reaction and wanted a "big deal" with Speaker Nancy Pelosi.
Morgan Stanley on Thursday announced an agreement to buy Boston-based investment manager Eaton Vance for $7 billion in cash and stock.
Why it matters: This solidifies the idea that Morgan Stanley views acquisition as its best path to predictable growth, as it comes just days after completing a $13 billion deal for E*Trade.
What it means: Retail traders broadly have been looked at with skepticism and scorn by much of the investment community, and Robinhood users, especially, are seen as capricious and naively bidding up trend stocks. However, the data show most of the platform's users aren't active traders.
NextEra Energy, the world’s largest solar and wind power generator, has surpassed ExxonMobil in market value, jumping from a $32 billion valuation in October 2010 to more than $145 billion on Wednesday.
Why it matters: The crash in Exxon shares reflects a similar crash in oil — in price and standing — over the past decade and investors' increasing bets on renewable energy.
ICON, a Utah-based connected fitness company whose brands include NordicTrack, raised $200 million in growth equity funding at a valuation north of $7 billion. L Catterton led, and was joined by Pamplona Capital Management.
Why it matters: L Catterton previously backed rival Peloton, holding a 5.4% stake at the time of IPO (it since appears to have divested).