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Bank Stocks, Presidential Debate, Consumer Data: 3 Things to Watch

Stock MarketsSep 28, 2020 04:09PM ET
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By Liz Moyer

Investing.com -- Stocks surged Monday, recovering some of the ground lost this month, as investors and traders expressed renewed hope that another economic stimulus could be in the near future.

House Speaker Nancy Pelosi said Democrats were pushing ahead with a $2.4 trillion deal that would send payments directly to American households and support businesses.

The Dow Jones Industrial Average jumped more than 500 points at one point in the afternoon and closed up 410 points, or 1.5%, boosted by financials. Major tech stocks were also up, lifting the S&P 500 and the NASDAQ Composite.

Another round of stimulus could continue to boost bank shares going into October. The presidential candidates square off on Tuesday in the first of three debates, and some consumer confidence and home price data are due out.

Here are three things that could affect the markets tomorrow.

1. Financials get a boost from stimulus hope

Stocks had staged quite a recovery since their low point in March, climbing more than 50%, but then September hit. Since the beginning of this month, the Dow is down nearly 3% and the Nasdaq is down nearly 6%, according to CNBC.

Investors have been fretting about the progress of the recovery and Congress' on again-off again attempts to pass another round of financial aid for the economy. Now that stimulus appears to be back on again, expect financial stocks to help lead gains.

The S&P financial sector was up 2.3% on Monday, helping to smooth over an otherwise abysmal year. Over three months, financials are up 2.25% though they are still down 23.5% year-to-date.

More stimulus could help big lenders like Citigroup (NYSE:C), which was up 3% on Monday. JPMorgan (NYSE:JPM) was up 2.9%, Bank of America (NYSE:BAC) was up 2.6%, and Wells Fargo (NYSE:WFC) was up 0.8%. 

2. Will Presidential debates and more scandal sway investors?

President Donald Trump faces his election opponent former Vice President Joe Biden in the first of three televised debates late Tuesday. The two are expected to face questions about everything from healthcare policy in the time of Covid to national security and immigration.

Trump may also face questions about his taxes after The New York Times published an explosive story on Sunday, based on two decades of data on the president's taxes that showed he didn't pay taxes for years and only paid $750 the year he was elected.

While the NYT report didn't appear to affect stocks on Monday, another dragged out scandal involving Trump could weigh on markets over time, especially if it appears to sway public opinion just a few weeks before the general election.

3. Consumer confidence and housing prices on tap

Speaking of swaying opinion, September consumer confidence data from the Conference Board are expected out at 10:00 AM ET (1400 GMT). Analysts polled by Investing.com expect the number at 89.2, which would be up from 84.8 the prior month. Consumer confidence plays a role in predicting consumer spending.

In addition, the Case-Shiller home price index for July, which comes out an hour earlier at 9:00 AM ET (1300 GMT) is expected to be 0.3%, up from 0% the prior month.

 

Bank Stocks, Presidential Debate, Consumer Data: 3 Things to Watch
 

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Comments (13)
Zainudin Harun
Zainudin Harun Sep 29, 2020 5:28AM ET
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corruptions?
Zainudin Harun
Zainudin Harun Sep 29, 2020 5:27AM ET
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who has more corruptions?
Ivi Mata
Ivi Mata Sep 28, 2020 9:00PM ET
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bye north sud...
Ivi Mata
Ivi Mata Sep 28, 2020 8:59PM ET
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2?!
Jozef Drozd
Jozef Drozd Sep 28, 2020 8:51PM ET
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Mr. Trump doesn't do his taxes , he has accountants to do it for him , so why do you blame him ?
Keyur Desai
Keyur Desai Sep 28, 2020 8:51PM ET
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trump don't pay tax biden corrupt and take away your tax money you decide
Rajiv Kapoor
Rajiv Kapoor Sep 28, 2020 8:51PM ET
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Uou have to sign your tax return and a paper saying all taxes were done woth information provided by client. I don’t do my taxes either but i am responsible for it. If Trump doesn’t pay taxes i doesn’t exempt me from paying taxes. Biden is corrupt if he id getting taxes from you for US Treasury. I didn’t know that. You guys looks fsmous CPA making above 400k a year. Why i mantioned the number find for yourself geniuses
Otto Gonzalez
Otto Gonzalez Sep 28, 2020 7:20PM ET
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Presidential debate will be a show... this time without a teleprompter.... looking forward to the can of whhooop**so about to take place... MAGA 2020.. !!!
rob finch
rob finch Sep 28, 2020 7:20PM ET
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why would they send such a lightweight into the ring with a heavyweight champion? I dont trust them.
rob finch
rob finch Sep 28, 2020 7:16PM ET
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let's make a bipartisan rule then. anyone who doesn't pay taxes has no standing in elections. only taxpayers vote, deal?
Tre Hsi
Tre Hsi Sep 28, 2020 7:16PM ET
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back when Obama was president Trump tweeted a complaint that Obama only paid 20% of his $700k salary.....another one of those "do as I say not as I do" eh Donald?
Eid awimer
Eid awimer Sep 28, 2020 7:03PM ET
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Ba is going up to 200 ?
Eid awimer
Eid awimer Sep 28, 2020 7:03PM ET
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Whats a good stock to buy in option ?
carvell wilkins
carvell wilkins Sep 28, 2020 7:03PM ET
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short term TQQQ, long-term Intel or BA
rob finch
rob finch Sep 28, 2020 6:53PM ET
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poor Joe, look at that big smile on his face. he is completely oblivious to the beating he's about to receive.
Tre Hsi
Tre Hsi Sep 28, 2020 6:53PM ET
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you do know of course he went though like half a dozen debates earlier this year?  The Donald can't even sit though an interview with Wallace without sweating like Nixon.....
carlos ruiz
carlos ruiz Sep 28, 2020 6:37PM ET
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I wish to see how much the other millonaires Obama, biden or sanders paid on their taxes!!
Rajiv Kapoor
Rajiv Kapoor Sep 28, 2020 6:37PM ET
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Obama paid $163k fed tax on 750k income. Bernie Sanders only had 139k in his accout upon filing nomination and owned a home which has appreciated in value over time.
Rajiv Kapoor
Rajiv Kapoor Sep 28, 2020 6:37PM ET
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Biden has released his returns. You can see them in his website
Joanne Sushames
Joanne Sushames Sep 28, 2020 6:37PM ET
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you can it was published today
Tre Hsi
Tre Hsi Sep 28, 2020 6:37PM ET
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this is how uninformed Trump supporters these days, they think other presidential candidates never released their tax returns, so Trump's refusal to release his tax returns is completely normal.........
Mad Money
Mad Money Sep 28, 2020 6:34PM ET
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Donald dodged the military draft, dodge paying taxes. What else??
classical classics Kowach
classical classics Kowach Sep 28, 2020 6:34PM ET
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your saying he's smarter than your average bear
Mad Money
Mad Money Sep 28, 2020 6:34PM ET
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Tre Hsi
Tre Hsi Sep 28, 2020 6:34PM ET
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classical classics Kowach    if you think losing $1bn (thus able to use the loss as tax credit) is smart, sure
Mike Edwards
Mike Edwards Sep 28, 2020 4:46PM ET
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Why am I being moderated for mentioning the word scandal? Is it because I used Hunter Binden’s name instead of Trump’s?
Filipe Pereira
Filipe Pereira Sep 28, 2020 4:46PM ET
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just because might missleading inexperienced investors resulting on losses because of such unfitted comments
 
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