2 weeks Ago
twinsterphoto Listen below or on the go on Apple Podcasts and Spotify SA Sentiment: Debt is the top economic issue for U.S. voters.
Stock investors looking for ‘unambiguous winner’ in U.S. presidential election - analyst.
(00:24) Boeing ( BA ) strike ends as workers accept latest contract offer. (02:30) Viking stock drops 13% after jumping 9% on obesity drug data. (03:03) This is an abridged transcript of the podcast.
It should come as no surprise that today is Election Day in the U.S. Even though it is not likely that we will know who is the clear winner by the end of the day in the race for president, today is the final day to cast a ballot for either former President Donald Trump or current Vice President Kamala Harris.
A survey by Seeking Alpha that polled over 2,000 subscribers of the Wall Street Breakfast newsletter shows that debt levels are the biggest economic concern for Americans coming in at 44%. The cost of illegal immigration and consumer inflation both came in at 15%. Six percent said the stock market is a concern and jobs and wages are what concern them the least.
Debt loads have soared since the COVID era amid heavy spending on the pandemic and conflicts across the globe. That's on top of other major contributors to the deficit, including Medicare, Medicaid and Social Security, which have led the national debt to top $35T . David Morrison, senior market analyst at Trade Nation said in a note late last week.
“The most important outcome for investors is that there is a clear, unambiguous winner on 6th November. If there is any uncertainty over which candidate has won and should this lead to a drawn out legal dispute, or worse, then the market reaction is likely to be very negative.” He went on to say that the S&P 500 ( SP500 ) lost 10% with the month-long wait in 2020 between the vote and the outcome that was ultimately forced by the Supreme Court.
Morgan Stanley ( MS ) in a note Sunday flagged a potential “hurry-up-and-wait” scenario toward the election outcome. One strategist said a repeat of 2020’s “long and noisy vote count is plausible,” as vote-by-mail results in key swing states “can slowly erase what appear to be solid leads for a candidate,” MS strategist Michael Zezas said. If you’re interested in investing topics tied to the election be sure to check out our coverage from Seeking Alpha's Investing Forum: Election 2024 event; please visit this page .
Boeing (NYSE: BA ) workers have voted to accept the aircraft maker's latest offer and end the nearly eight-week strike that halted key production and cost the company billions of dollars. On Monday, 59% of members of the International Association of Machinists and Aerospace Workers District 751 voted in favor of ratifying the new contract , which includes a 38% pay hike over four years and improved retirement contributions. Workers can return to work as early as November 6 and all are required to return by November 12.
Now an update on a stock that was one of our biggest movers of the day premarket on Monday and the top story on Wall Street Lunch with Kim Khan, shares of Viking Therapeutics (NASDAQ: VKTX ) fell 13% Monday after jumping 25% pre market amid concerns that the company might face production problems for its promising weight-loss pill. According to media reports Monday afternoon, the selloff was likely triggered by analysts reports that Viking may face production problems for VK2735, especially for 100mg or higher doses. According to Reuters , analysts at Deutsche Bank said in their note that scaling up production for the drug "will be costly with capital requirements and expertise beyond what Lilly ( LLY ) and Novo ( NVO ) currently have.
" More articles on Seeking Alpha: Wynn Resorts falls after Macau revenue misses the consensus expectation Goodyear cost savings initiative keeps profits intact despite drop in tire sales Palantir leaps after crushing estimates due to its popular AI tools Catalyst watch: Dr. Reddy's ( RDY ) will begin trading on a split-adjusted basis following the 5-for-1 stock split. Now let’s take a look at the markets as of 6 am.
Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the green. Crude oil is up 0.3% at $71/barrel.
Bitcoin is down 0.1% at $68,000. In the world markets, the FTSE 100 is up 0.
2% and the DAX is flat. The biggest movers for the day premarket: Hims & Hers ( HIMS ) is up 12% after exceeding Q3 expectations and raising its FY2024 revenue guidance, boosted by a 77% Y/Y revenue jump to approximately $401.6M.
On today’s economic calendar: 10:00 am ISM Service Index.
