All 11 s p sectors were negative today. Four big factors weighing on the market, a new record for coronavirus cases, no stimulus we are kicking off the busiest week of earnings, and the election just eight days away. Should investors pare their risk right now . Still, well start with you. If you look at the trend since mid july, we had an up ten, down ten, up ten, now weve pulled back about 5 this is a range around urn certainly. The companies that will report later this week with the big ice on thursday, you name it, thats coming out in terms of where the megacap market tech has been eu putting in additional q curves these are headlinegrabbing dynamics that the market will feel the weight of weve been digesting the stimulus talks for weeks, if not a couple months. I think the market is rangebound. I think traders dont feel like they have to put capital to work before the elections, but i think largely the same backdrop is there were going to talk about the tenyear bond and bond yields
I do want to talk about the resiliency of american corporations to adapt and adjust , whether it was Johnson Johnson a bit ago, the seven could jillian dollars the seven gajillion dollars at blackrock. Thenow the story, executable excellence we are seeing in the statistics. It is going to be fascinating. Jonathan it might be too early to say the gloom of pandemic is behind us, but it might be time that we talk about the provision build of these banks. The number comes in at 611 million. I think that is the positive out of this Earnings Report this morning. Talkednali basak really about that being a key statistic, and it is better than good. I go back 10 minutes ago, the idea that they suspended share buybacks, and yet theyve got enormous Free Cash Flow available for Dividend Growth and maybe some share repurchase. Granted, youve got the mystery of what commercial real estate is going to do. Jonathan i imagine their Capital Return Program will change drastically in about 12 months time.
Round two. Has admitted sachs its role, reaching multiple settlements. Aery lets get started with check of the markets. U. S. Futures coming online slightly higher. This after we saw u. S. Stocks gaining ground in the regular session. There was optimism for another round of stimulus ahead of the last president ial debate. , andht, banks rallied reached the highest since june Energy Shares rebounded with oil. We will check that shortly after. Small caps also gained around. We could take a look at the dollar right there. We saw again in the first time in five sessions. Check out oil right now. A flood at the moment at around 40 a barrel level. , also the latest sign of opecplus that they ford be restraining supply longer. We heard Vladimir Putin say that russia is able to put output further if needed. Haidi a thick a look at how we are setting up the asian session. There getting this out from u. S. Election. Greater volatility and portions playing out here. Take a look at nikkei futures.
Says a 10 correction remains the most likely outcome in the nearterm. Joe, tell me whether you agree with this call he said last weeks failure to break through technical resistance for the second time suggests the correction is not over he expects softness past the election before the next leg of the bull market. Do you agree with that last monday we got up to 3,459 on an intraday high. The previous high was 3,588. The reason we pulled back is the absence of a stimulus deal the conditions are fully in place now to exceed that 3,588 high when you look at retail sales in the u. S. , when you think about the strength of chinese economic numbers, think about the fact that yesterday we had the single largest travel day for the Airline Industry in the united states. Clearly the conditions are in place. If i look within the markets itself, its just not technology on friday reaching 52week highs. Air freight logistics, construction and engineering the conditions are there its the absent of sti
Tom francine, did you stay up and watch this . Francine i went to sleep and set an alarm to wake up. It is a bit messed up. That ist talk today, why. Tom for an international audience, to be kind, it was absolutely original. My goal today come cross the hours of surveillance, is to spin forward. Do you realize we are going to do this on october 15, in miami, with the great steve scully of cspan, in a town hall format. I cant get my head around that, but thats what we will do with Bloomberg Politics and david westin and s kevin cirilli, to recoup and prepare for the eyes of october. Francine the focus is on the polls. We had an initial post it will be interesting over the next 24 hours. We will have Leslie Vinjamuri on, polls. Leslie was tweeting last night around four clock a. M. I think she was in a pub with ferro. I dont know what she was doing. Francine lets get to bloomberg first word news in new york city with ritika gupta. Ritika it was billed as the first president ial debate, b