Stocks mixed ahead of Fed Chair Powell's remarks

Economic recovery from coronavirus will take ‘years’ for big cities: Starwood Capital Group CEO

Starwood Capital Group CEO Barry Sternlicht on his outlook for the reopening of the economy amid the coronavirus pandemic.

Stocks saw a modest boost at the open on Tuesday as investors monitored ongoing progress on stimulus talks and awaited remarks from Federal Reserve Chairman Jerome Powell in the 10 am hour.

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TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES28256.41+107.77+0.38%
I:COMPNASDAQ COMPOSITE INDEX11338.010471+5.53+0.05%
SP500S&P 5003412.36+3.73+0.11%

The Dow Jones Industrial Average and the S&P 500 saw early gains, helped by energy and material stocks, while the Nasdaq Composite struggled.

TickerSecurityLastChangeChange %
XLEENERGY SELECT SECTOR SPDR ETF30.61+0.42+1.39%
XLBMATERIALS SELECT SECTOR SPDR ETF64.82+0.32+0.50%

Late Monday night, President Trump was discharged from Walter Reed Medical Center after having contracted COVID-19. The president will continue his treatment for the virus at the White House, his doctors said.

Regeneron remains in focus after Trump used its experimental treatment of its COVID-19 vaccine.

TickerSecurityLastChangeChange %
REGNREGENERON PHARMACEUTICALS INC.602.25-2.83-0.47%

DOW JUMPS 465 POINTS AS TRUMP RETURNS TO WHITE HOUSE

ECONOMIC NEWS

On the economic front, the U.S. trade balance was wider than expected, at $67.1 billion for August. Economists were looking for a $66.2 billion deficit, up from a prior reading of $63.6 billion.

And the closely watched JOLTS job openings figures came in at 6.4 million, slightly less than the 6.5 million estimate, however July was revised up to 6.7 million.

EARNINGS SEASON KICKS OFF

TickerSecurityLastChangeChange %
PAYXPAYCHEX INC.81.06-0.40-0.48%
LEVILEVI STRAUSS & CO.14.83-0.18-1.20%

The third-quarter earnings season is set to begin on Tuesday, with Paychex, Inc. and clothing manufacturer Levi Strauss & Co. reporting results.

Paychex, which reports prior to the market open, is expected to earn 55 cents a share for its most recent quarter. San Francisco-based Levi Strauss reports after the market closes, with traders looking for earnings of 22 cents a share.

TickerSecurityLastChangeChange %
GOOGLALPHABET INC.1,475.88-6.95-0.47%
MSFTMICROSOFT CORP.209.66-0.72-0.34%

CORPORATE NEWS

Alphabet's Google unit announced it would rename its Microsoft Office competitor from G Suite to Google Workplace, along with new pricing tiers to better compete in the marketplace.

TickerSecurityLastChangeChange %
AAPLAPPLE INC.115.34-1.16-1.00%
SONOSONOS INC15.01-0.63-4.03%
LOGILOGITECH INTERNATIONAL S.A.76.88-3.89-4.81%

Ahead of an expected launch for its new iPhone, speaker and headphones, Apple Inc. has stopped selling rival products in its retail stores, impacting brands such as Bose Corp., Sonos Inc. and Logitech International SA, Bloomberg reported.

TickerSecurityLastChangeChange %
TAT&T INC.28.85+0.19+0.65%

AT&T's Warner Bros. movie division shuffled many of its upcoming movies, moving "Dune" to Oct. 1, 2021, and "The Batman" to 2022, Deadline reported.

The news comes after Cineworld, parent company of Regal, announced plans to suspend over 500  theatres in the U.S. starting Oct. 8, citing "challenging theatrical landscape" tied to COVID-19.

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TickerSecurityLastChangeChange %
USOUNITED STATES OIL FUND L.P.28.83+0.90+3.22%
GLDSPDR GOLD SHARES TRUST – EUR ACC179.60+0.18+0.10%

Oil moved above $40 per barrel, while gold was little changed at $1,917.30 an ounce.

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