Breaking News
Black Friday SALE: Up to 54% off InvestingPro! Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Top 5 Things to Know in the Market on Friday, August 21st

EconomyAug 21, 2020 06:43AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Geoffrey Smith 

Investing.com -- Joe Biden accepted the Democratic Party's nomination as its presidential candidate with a speech promising to end the 'darkness' of the current time. Europe's economy slowed in August, but the pound rises after better-than-expected business and retail sales surveys. Stocks are set to open mostly flat, and Pfizer (NYSE:PFE) and Johnson & Johnson (NYSE:JNJ) get busy on vaccine trials. Here's what you need to know in financial markets on Friday, August 21st.

1. Biden seeks to take American out of 'darkness'

Joe Biden wrapped up the Democratic National Convention with an acceptance speech that promised to lead the U.S. out of ‘darkness’, without mentioning President Donald Trump by name once.

"Character is on the ballot, compassion is on the ballot, decency, science, democracy. They're all on the ballot," Biden said.

Responding via Twitter, Trump said that Biden’s words were at odds with his 47-year record in politics. Opinion polls this week have shown Trump slightly narrowing Biden’s lead to around 8 percentage points.

2. Europe stumbles after new wave of infections

Europe’s economic recovery stuttered this month as renewed restrictions on travel disrupted plans to allow a meaningful summer tourism season.

Activity slowed for the first time in three months, according to a preliminary reading of the composite purchasing managers index compiled by consultancy IHS Markit. The PMI for the euro zone fell to 51.6 from 54.9, due largely to the services sector.

German manufacturing, the traditional engine of regional growth, held up better, the PMI rising to 53.0 from 51.0.

On Thursday, French President Emmanuel Macron and German Chancellor Angela Merkel had said there would be no return to generalized lockdowns due to Covid-19.

3. U.K.'s recovery on track - but borrowing soars

There was better news across the English Channel. In the U.K., the composite PMI recovered to over 60, signifying a more vigorous rebound – albeit from a lockdown that was later and more severe in the euro zone.

July’s retail sales numbers, too, also came in better than expected, rising 3.6% on the month and 1.4% on the year. They’re now ahead of pre-pandemic levels for the first time. The government also borrowed less than analysts expected in July, although the headlines were grabbed by the fact that national debt topped 2 trillion pounds ($2.6 trillion) for the first time.

The pound rose against the euro but inched off seven-month highs against the dollar, shrugging off the predictable end of another inconclusive round of Brexit trade talks with the EU.

4. Stocks set to open mixed; Ride-hailers in focus

U.S. stocks are set to open largely flat, with little on the calendar to push them in either direction.

By 6:40 AM ET (1040 GMT), the Dow futures contract was down 27 points or 0.1%, while the S&P 500 Futures contract was also down 0.1% and the Nasdaq 100 futures contract was down by less than 0.1%.

Stocks likely to be in focus later include Ross Stores (NASDAQ:ROST), which defied gloomy expectations to post a quarterly profit after the bell on Thursday. Farming machinery maker Deere (NYSE:DE) and retailer Foot Locker (NYSE:FL) report before the open. 

Lyft (NASDAQ:LYFT) and Uber (NYSE:UBER) may share the spotlight, after winning a stay on the California court ruling that would force them to reclassify drivers as employees.

Baker Hughes' weekly count of oil and gas drilling rigs will round off the week for data later.

5. Pfizer eyes October review for Covid-19 drug

Pfizer and its German partner BioNTech said they are on track to submit their experimental Covid-19 treatment for review by regulators as early as October, after publishing fresh data from an early-stage study.

The two companies said their vaccine was administered largely without side effects, although they noted mild to moderate fever in less than 20% of participants in the test.

Elsewhere, Johnson & Johnson said it planned to test its experimental Covid-19 drug on 60,000 people in a phase 3 trial in September.

The Center for Disease Control said the number of new cases in the U.S. rose to 46,500 on Wednesday, the highest in four days. The number of new infections nationwide has, however, been trending down for nearly a whole month now.

Top 5 Things to Know in the Market on Friday, August 21st
 

Related Articles

Euro zone bond yields drop as COVID variant sows fear
Euro zone bond yields drop as COVID variant sows fear By Reuters - Nov 26, 2021

By Abhinav Ramnarayan and Dhara Ranasinghe LONDON (Reuters) -Euro zone government bond yields dropped sharply across the board on Friday as investors reacted to a newly identified...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (17)
Ndangariro Maketiwa
Ndangariro Maketiwa Aug 21, 2020 11:32AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Capitalism will be toppled by number 46 Uncle Joe.
Robert DZ the patterns
Robert DZ the patterns Aug 21, 2020 11:32AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
it has to be because otherwise people will not learn, at least 1 generation has to experience the socialism
Kaveh Sun
Kaveh Sun Aug 21, 2020 11:13AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Covid is all # people fault. New cases came down until massive protests broke out. I stated the spike goes down n protests di.e out when protestors get covid. 99% down vote but it is the truth.
Tre Hsi
Tre Hsi Aug 21, 2020 11:13AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Hmmmm. I guess Hermann Cain got covid not from the Tulsa rally but from BLM protesters?  Interesting logic...
Robert DZ the patterns
Robert DZ the patterns Aug 21, 2020 10:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
at least 1 generation needs to experience socialism so that socialism becomes hammered into people's heads that during socialism when you buy a wheelbarrow that considered a success, otherwise they think that it is some sort of paradise despite the fact that they know what just recently happened in Venezuela.
Robert DZ the patterns
Robert DZ the patterns Aug 21, 2020 10:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
as Plato has said "I cannot teach anyone anything, I can only show" Socialism needs to happen so people find out what it really is.
neil mortimer
neil mortimer Aug 21, 2020 10:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
.. we've all been shown already throughout history..over, and over, and over.....
Robert DZ the patterns
Robert DZ the patterns Aug 21, 2020 10:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
at least 1 generation needs to experience socialism so that socialism becomes hammered into people's head that during socialism when you buy a wheelbarrow that considered a success, otherwise they think that it is some sort of paradise despite the fact that they know what just recently happened in Venezuela.
ANDREW SMITH
ANDREW SMITH Aug 21, 2020 9:39AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
What does Bidens speech about bringing us out of the darkness have to do with the market. He will destroy the economy with higher taxes and that precious Green Deal. Get out of politics and report on the market
Kitty Halo
Kitty Halo Aug 21, 2020 9:21AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Joe Biden is obvious an alzheimer hypocrite. Democrats turn to be demo-craps finally.
Matthew PM
Matthew PM Aug 21, 2020 8:58AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
they should add the word Discovered in front of new cases. "The Center for Disease Control said the number of new cases ->(Discovered)<- in the U.S. rose to 46,500 on Wednesday, the highest in four days." also "The number of new infections nationwide has, however, been trending DOWN for nearly a whole month now." But the MSM just continues to twist everything for clicks.
Cornel Pod
Cornel Pod Aug 21, 2020 8:58AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
They will repeat the CV19 narrative until the election even if there are no new cases here. Cases are falling like an anchor in many states which is not surprising due to herd immunity.
Tre Hsi
Tre Hsi Aug 21, 2020 8:58AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
so it's MSM's fault that US has high case and death count is that it?......here is an interesting fact for you, while you are bragging about US cases trending down to 46k per day, Canada has been averaging 300 daily cases (yes, for the entire country of Canada) for the last 2 months
Dietmar Stahl
Dietmar Stahl Aug 21, 2020 8:47AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Anybody still working???
Jon Andou
Jon Andou Aug 21, 2020 8:47AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
remarkably I am but suffered an 35 percent Wage loss with No support from The Federal or State government.
Jon Andou
Jon Andou Aug 21, 2020 8:47AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
remarkably I am but suffered an 35 percent Wage loss with No support from The Federal or State government.
Randall Wagner
Randall Wagner Aug 21, 2020 8:40AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Every Friday market manipulation, let me guess futures are now red.
Deborah Edgerton
Deborah Edgerton Aug 21, 2020 8:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Spin from the Democrats has entered a new age of elegant deception.  Those who do not oppose the fascists pretending to be the heralds of freeing the downtrodden (BLM and ANTIFA) will also be undone by them.
Tre Hsi
Tre Hsi Aug 21, 2020 8:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
so BLM are the facists now is that it?  good lord......
Matthew PM
Matthew PM Aug 21, 2020 8:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Tre Hsi antifa is known to be an authoritarian communist extremist group at the very least.
Tre Hsi
Tre Hsi Aug 21, 2020 8:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Matthew PM  "an authoritarian communist extremist group"  - that's a lot of grown up words for you, good for you......now the next homework assignment, tell us how an anti authority group can be authoritarian
gerry schacher
gerry schacher Aug 21, 2020 8:20AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Great info to start my trading day
PMSF Small
PMSF Small Aug 21, 2020 8:20AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Dems have nothing to offer but empty hopes, higher taxes, more lawlessness, weaker evonomy, more gender confusion and futher moral decline
Tre Hsi
Tre Hsi Aug 21, 2020 8:20AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"...weaker evonomy"  -- US economy under Obama/Biden grew 8 years in a roll, unemployment at 4%, stock market nearly tripled........what's the unemployment rate and GDP growth from Q2 under Trump?
Gershom Zvi
Gershom Zvi Aug 21, 2020 7:48AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
https://www.reuters.com/article/us-health-coronavirus-science/convalescent-plasma-lowers-covid-19-death-risk-exposure-to-common-cold-may-limit-disease-severity-idUSKCN2512LI
Andrew carson
Andrew carson Aug 21, 2020 7:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Dems still doing nothing 🥴😴
Tre Hsi
Tre Hsi Aug 21, 2020 7:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Dems passed the second covid relief bill back in May and guess which party decided to do nothing with it for 2 months?
Matthew PM
Matthew PM Aug 21, 2020 7:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Tre Hsi just because they call it a covid-19 act does not mean it's any good. They should have called it the let's bail out the failing economies of the democrat-run states and cities. you know it to be true.
Andrew carson
Andrew carson Aug 21, 2020 7:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
You act like they created and passed it all by themselves. We were waiting for them on that one too.
Tre Hsi
Tre Hsi Aug 21, 2020 7:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Matthew PM  "failing economies of the democrat-run states and cities."  -- yes let's match the economies of California and New York to the red state paradises like Mississippie and West Virginia and Kansas
Kyle Mack
Kyle Mack Aug 21, 2020 7:15AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Biden nomination tanked futures overnight.
Jimmy Woo
Jimmy Woo Aug 21, 2020 7:15AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Only if you consider -.01% as “tanked”
Jonathan Kogen
Jonathan Kogen Aug 21, 2020 7:15AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Are you Russian?
Randall Wagner
Randall Wagner Aug 21, 2020 7:15AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Because he is and dems are now socialist..which will never fly in the great USA!
Matthew PM
Matthew PM Aug 21, 2020 7:15AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Tre Hsi our economy should have grown 4-fold. and guess whose economy grew even faster than ours and was about to take us over and owned us? Exactly the corrupt politicians sold us out and I won't even say that they were all Democrats. Some Republicans to and God knows who else in the world. the thing is if United States does good the whole world does good because we're the most free.
Seksan Kanyalung
Seksan Kanyalung Aug 21, 2020 6:51AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
who moov market not? me
Luu Hung
Luu Hung Aug 21, 2020 6:48AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
As always. Vaccine news/trade talk when markets red
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email