Stock futures inch higher
U.S. stock futures were pointing to a positive open on Wednesday after President Donald Trump said late on Tuesday Congress should quickly approve smaller measures that would provide assistance to airlines and small businesses amid the coronavirus pandemic.
“The House & Senate should IMMEDIATELY Approve 25 Billion Dollars for Airline Payroll Support, & 135 Billion Dollars for Paycheck Protection Program for Small Business,” Trump wrote on Twitter. “Both of these will be fully paid for with unused funds from the Cares Act. Have this money. I will sign now!”
The president made the demand hours after he called off stimulus talks with Democrats until after the election, pushing stocks down sharply. He tweeted that he had ordered his representatives to end talks with Democrats over the coronavirus stimulus package.
As of 5:45 a.m. ET, the blue-chip Dow futures indicated a gain of 176 points, or 0.64% to 27,846. The S&P 500 futures jumped 18.92 points, or 0.56% to 3,372.12 while the tech-heavy Nasdaq 100 futures rose 68.87 points, or 0.61% to 11,342.62.
Fed minutes eyed as Powell presses Congress to provide more relief
Minutes from the Federal Reserve’s Sept. 15-16 policy meeting are scheduled to be released at 2:00 p.m. ET. The minutes are not expected to reveal any new information given a number of Fed officials have hit the virtual podium since the meeting.
However, they could shed some light on what bar to set for raising interest rates and what discussions took place regarding additional monetary stimulus to prop up the virus-stricken economy.
On Tuesday, Fed chairman Jerome Powell warned lawmakers that providing too little support for the U.S. economy would lead to a weak recovery, creating unnecessary hardship for households and business.
“The expansion is still far from complete. At this early stage, I would argue that the risks of policy intervention are still asymmetric. Too little support would lead to a weak recovery, creating unnecessary hardship,” Powell said at the National Association for Business Economics.
Apple to announce its iPhone 12 lineup on October 13
Apple (NASDAQ: AAPL) has announced a new product launch event for October 13 at 1:00 p.m. ET where the tech giant is expected to reveal the next model of the iPhone. The company announced the event on Tuesday, with the tagline “Hi, Speed.”
The new device, rumored to be called the iPhone 12, is expected to have 5G capabilities and a new, iPad-inspired design. 5G is at least ten times faster than the older 4G connection, and turns hours of download/upload time into mere minutes, even seconds.
Rumors suggest that the iPhone lineup will consist of two regular models, with 5.4 and 6.1 inches, and two Pro models, with 6.1 and 6.7 inches.
The live event will be streamed online because of the ongoing coronavirus pandemic. Apple usually host the events in person at its headquarters in Cupertino, California.
