Futures point to solid gains
U.S. stocks looked poised for a positive open on Monday as Americans head to the polls tomorrow to vote in the race for the White House.
By 5:50 a.m. ET, futures tied to the blue-chip Dow indicated a gain of 337 points, or 1.28% to 26,731. Those on the S&P 500 futures climbed 38.63, or 1.18% to 3,303.38 while the tech-heavy Nasdaq 100 futures were up $114.25 points, or 1.03% to 11,160.50.
Former Vice President Joe Biden is currently leading President Donald Trump in the national polls by 10 percentage points, according to an NBC News/Wall Street Journal poll published Sunday.
More than 150 million Americans are expected to cast votes Tuesday and set the country’s course for the next four years on the Covid-19 pandemic, economy, trade policy, health care and other issues.
Boris Johnson announces new lockdown for the UK
British Prime Minister Boris Johnson has announced a new national lockdown across the United Kingdom after a rapid spike in coronavirus infections. The new measures, which were announced on Saturday, will go into effect on Thursday, Nov. 5 and will last until Wednesday, Dec. 2.
Under the new lockdown, people will only be able to leave home for a short list of reasons and non-essential shops must close. Gyms, swimming pools, and golf courses are among venues that must close, and foreign holidays are banned.
Johnson made the announcement on the same day the UK topped 1 million confirmed coronavirus cases. He said the lockdown is needed to stop hospitals from becoming flooded with coronavirus patients within weeks.
France and Germany have also reintroduced partial lockdowns in a bid to curb the spread of the virus, with Europe hitting the stark milestone of 10 million total cases. The U.S. has recorded more than 9 million cases, with nearly 230,000 deaths.
Virus cases and new lockdowns weigh on crude futures
Meanwhile, crude futures slumped early Monday amid surging coronavirus cases across the globe and a new wave of new lockdown measures in Europe that could threaten oil demand.
Prices were also weighed by continued increase in Libyan production, which currently stands at around 800,000 barrels per day, over 100,000 higher than a few days ago, according to Reuters.
By 5:50 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures were at $34.84, down 95 cents, or 2.65% per barrel. International Brent crude futures were down 89 cents, or 2.35% to $37.05.
Dunkin’ agrees to go private in a $11.3 billion deal
Dunkin’ Brands (NASDAQ: DNKN) has agreed with Inspire Brands to be taken private in a deal under which the company will initiate a tender offer to buy all outstanding shares of Dunkin’ for $106.50 a share in cash.
The deal is valued at nearly $11.3 billion, including the assumption of Dunkin’ Brands’ debt. Dunkin’ and Inspire expect to finalize the transaction by the end of this year, subject to certain conditions.
The merger will bring brands such as Dunkin’, Arby’s, and Baskin-Robbins under one roof, creating a combined entity with $26 billion in system-wide sales.
Dunkin’ stock was indicated 6.11% higher to $105.80 a share in Monday’s pre-market trading session.
