Hedge funds cut NFLX, keep big bets on MSFT, AMZN, add NVDA
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* Pelosi, Mnuchin to continue stimulus talks on Tuesday
* Powell to speak at National Association for Business
Economics
* BioNTech jumps on rolling EU review of vaccine candidate
* Futures: Dow up 0.53%, S&P adds 0.21%, Nasdaq off 0.16%
(Adds comments; Updates shares)
By Devik Jain
Oct 6 (Reuters) - Futures tracking the S&P 500 and Dow rose
on Tuesday after the indexes touched their highest levels in
more than two weeks, while investors looked for signs that
Washington was close to agreeing on more fiscal stimulus.
House Speaker Nancy Pelosi and Treasury Secretary Steven
Mnuchin spoke by phone on Monday about fresh relief measures and
were preparing to talk again on Tuesday. "Investors have grown more hopeful that lawmakers would
reach a compromise on a new stimulus deal," said Art Hogan,
chief market strategist at National Securities in New York.
Comments from officials that a deal was still possible had
lifted the three main stock indexes in the previous session,
helping them recoup losses from last week that were sparked by
news that President Donald Trump had contracted COVID-19.
Trump returned to the White House on Monday from the Walter
Reed Medical Center military hospital, but faced fresh backlash
for removing his mask upon his return and urging Americans not
to fear the disease that has killed more than 209,000 in the
United States. At 8:35 a.m. ET, Dow e-minis 1YMcv1 were up 147 points, or
0.53%, S&P 500 e-minis EScv1 were up 7 points, or 0.21%, and
Nasdaq 100 e-minis NQcv1 were down 18 points, or 0.16%.
Growing political uncertainty in the run up to the
presidential election and mixed macroeconomic data have
increased volatility in U.S. stocks, with the benchmark S&P 500
.SPX and the tech-heavy Nasdaq .IXIC about 5% and 6% below
their respective record highs hit more than a month earlier.
Amazon.com Inc AMZN.O , Apple Inc AAPL.O , Facebook Inc
FB.O and Google-owner Alphabet Inc GOOGL.O , which have
together dominated Wall Street's recovery from its
coronavirus-induced lows in March, fell between 0.4% and 0.7% in
premarket trading.
The companies have faced intense regulatory scrutiny into
their quest for global market share, and the U.S. House of
Representatives' antitrust report contains a "thinly veiled call
to break up" the companies, Republican Congressman Ken Buck said
in a draft response seen by Reuters. All eyes later in the day will be on an address by Federal
Reserve Chair Jerome Powell at a virtual meeting of the National
Association for Business Economics, where global central bankers
are likely to present their plans about how much more they can
do to prevent an economic depression. U.S.-listed shares of BioNTech 22UAy.F jumped 10.0% 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 U.S. drugmaker Pfizer Inc PFE.N . Pfizer's
shares rose 1.2%. AMC Entertainment Holdings Inc's AMC.N shares gained 3.4%
after the largest theater chain in the world said most of its
theaters in the United States and Europe would remain open, with
several releases lined up for October and November.