Here’s what you need to know before markets open.
1. Citigroup slammed with $US400 million fine for ‘longstanding failure’ to resolve its risk and data systems. Thursday’s fine is the second penalty slapped on the bank in recent weeks.
2. EasyJet forecasts a loss of $US1.1 billion, its first annual loss, as the pandemic continues to ravage the airline industry. The British airline scrapped its dividend.
3. A $US2.5 billion investment chief highlights the stock-market sectors poised to benefit the most if stimulus is passed after the election â€” and says Trump ending negotiations doesn’t threaten the economic recovery. The tussle in Washington over more stimulus checks for Americans will be a source of stock-market volatility in the short term, David Bahnsen said.
4. Goldman Sachs says to buy these 21 stocks poised to deliver the strongest sales growth through year-end. The bank screened the S&P 500 to rank the 100 largest stocks by sales growth. Here are 21 with the strongest expected sales growth into year-end.
5. Peloton’s market cap just reached a record $US32 billion â€” but a new survey and Wall Street’s solo bearish analyst warn its valuation should be less than half of that. Here’s why investors should be cautious. BMO Capital Markets equity analyst Simeon Siegel’s bearish case on Peloton’s market size and a new CivicScience survey echoing his sentiments.
6. Betting against the FTSE 100 netted traders $US540 million in September. These are the 5 most and least profitable short sells last month. Ortex Analytics lists the most profitable and least profitable FTSE 100 short sells for September after short-sellers make $US540 million in profits.
7. United Airlines and JetBlue could soar nearly 50% on upgraded outlooks for ample cash through 2022, JPMorgan says. Despite expectations for weaker air-travel demand and weak earnings reports, JPMorgan upgraded the airline stocks.
8. US futures are up. Germany’s DAX rose 0.6%, Britain’s FTSE 100 rose 0.4%, and the Euro Stoxx 50 rose 0.5%. In Asia, markets in China were closed for a holiday, Hong Kong’s Hang Seng fell 0.2%, and Japan’s Nikkei rose 0.9% at the close. In the US, futures on the Dow Jones, the S&P 500, and the Nasdaq 100 rose 0.5%.
9. Earnings keep coming. Domino’s Pizza and Seven & i Holdings are highlights.
10. On the data calendar. The US 30-year bond auction, the Energy Information Administration’s natural gas storage change, and continuing jobless claims are due.
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