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Futures Flat After Trump Returns To White House, Ahead Of Powell Address

S&P futures drifted following yesterday’s surge to 3,400 following news that Trump was returning to the White House ahead of a 1040am ET speech by Fed Chair Powell in which expected to repeat that the Fed has done as much as it can and the recovery is now in the hands of lawmakers. Oil and treasurys climbed while the dollar was little changed as investors focused on President Trump’s health and awaited progress on an American virus relief package, where Politico reported that Nancy Pelosi said that stimulus negotiations with Steven Mnuchin were going “very slowly” during a Monday night conference call with Democratic leaders.

Tech stocks underperformed and FAAMGs stocks fell in light premarket trading after a late Monday report that  a Democrat-led House panel is set to call for an overhaul of competition law to block them from both owning marketplaces and selling their products on them. As if keen to prove its monopoly power, just hours earlier Apple unveiled plans to launch its own audio products and stop selling rival headphones, sending Logitech shares lower. U.S.-listed shares of BioNTech jumped 9.7% after the European health regulator said it had started a real-time review of the COVID-19 vaccine being developed by the German biotech firm and Pfizer, whose shares rose 1.7%.

Europe Stoxx 600 Index fluctuated, and was last just barely in the green with tech and health-care stocks posting declines. Earlier in the session, the MSCI Asia Pacific Index climbed for a second day. The Topix gained 0.5%, with Danto and Narumiya Intl rising the most. Shares in China remained closed for holiday.

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