Global Markets Rise Despite Fading Odds Of Stimulus Deal

S&P futures and European stocks rose on positive corporate earnings and German PMI data, while Treasurys reversed an earlier loss, even though the rapidly approaching election means the chance of a fiscal deal getting passed by Congress ahead of Nov. 3 now seems increasingly distant.

In pre-market trading, Intel tumbled 9% after a surprise drop in data-center sales. Gilead Sciences jumped after its antiviral therapy becoming the first drug formally cleared to treat Covid-19.

The final debate between Trump and Biden on Thursday presented few surprises for election watchers and if anything, merely reinforced investor caution heading into the Nov. 3 election.  While Biden blamed Donald Trump for the deaths of more than 220,000 Americans in the coronavirus pandemic in the debate late Thursday, and Trump accused Biden of corruption in China and Ukraine, their exchanges didn’t move markets much.

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