viewAMC Entertainment Holdings

US stocks close higher as coronavirus stimulus talks advance

Stocks also rose after Moderna CEO said the company’s coronavirus vaccine could be available for emergency use in December

US Congress
On Sunday, Pelosi set a 48-hour deadline to get a deal done in order for it to take effect before the November 3 election

4:05 pm: US equities close higher on stimulus package optimism

US stocks closed higher as House Speaker Nancy Pelosi indicated that Democrats and the White House were advancing their negotiations for a new coronavirus stimulus package before the November 3 election. 

“Hopefully by the end of the day, we’ll know where we all are,” Pelosi told Bloomberg TV. “But I’m optimistic.”

On the day, the DJIA jumped 113 points, or 0.40%, to 28,308. The S&P 500 increased 0.47% to 3,443 and the tech-heavy Nasdaq rose 0.33% to 11,516.

12:15 pm: Markets recede slightly but remain solidly in the green

The Dow retreated from what was a 250-point gain in the opening hours of trading, but remained solidly in the green at noon ET. The index was up 205 points, 0.7%, to 28,401.2.

The Nasdaq gained 69 points, 0.6%, to 11,548.2, and the S&P 500 climbed 26 points, 0.8%, to 3,453.5.

Traders are closely monitoring the ongoing coronavirus talks between House Speaker Nancy Peloise and Treasury Secretary Steven Mnuchin, which could end in a deal as soon as today. 

The two sides "continued to narrow their differences" in a phone call Monday afternoon, according to Pelosi's Deputy Chief of Staff Drew Hammill.

On Sunday, Pelosi set a 48-hour deadline to get a deal done in order for it to take effect before the November 3 election.

10:30 am: Proactive North America headlines:

Benchmark Metals Inc (CVE:BNCH) (OTCQX:BNCHF) says AGB zone drill results add to the 'significant' resource building potential at Lawyers project

Todos Medical Ltd (OTCQB:TOMDF) receives notice of allowance from the European Patent Office covering the use of its TBIA platform to detect benign colon cancer in peripheral blood

HealthLynked Corp (OTCQB:HLYK) completes acquisition of MedOfficeDirect LLC; adds discounted medical supplies for patient members

Viscount Mining  Corp (CVE:VML) (OTCQB:VLMGF)  increases footprint at its Cherry Creek exploration project in Nevada

Revive Therapeutics Ltd (CSE:RVV) (OTCMKTS:RVVTF) signs supply agreement with Havn Life Sciences to source psychedelic compounds for use in future studies

NexTech's InfernoAR Solutions Corp (OTCQB:NEXCF) (CSE:NTAR) virtual events platform chosen for Florida International Trade Expo in March

Canntab Therapeutics Limited (CSE:PILL) (OTCQB:CTABF) closes $1M purchase of cannabis-processing equipment and leasehold improvements from CMAX Technologies

Mawson Gold Ltd (TSE:MAW) (OTCPINK:MWSNF) kicks off drilling at prospective Mount Isa block and set to increase footprint in Queensland

1933 Industries Inc (CSE:TGIF) (OTCQX:TGIFF) to manufacture and distribute Orchid Venture products in Nevada cannabis market

Medallion Resources Ltd (CVE:MDL) (OTCQB:MLLOF) shares now trading on OTCQB after it receives exchange approval

9:45 am: Wall Street shares start higher

US indices started on the front foot on Tuesday as traders mulled new homes data, digested a slew of corporate earnings, and hoped a stimulus package could be signed-off by the end of the day.

The Dow Jones Industrial Average zipped up over 113 points at 28,308. The S&P 500 index advanced nearly 17 points at the open to 3,443.

The tech heavy Nasdaq index zoomed up over 60 points at 11,539.

Nancy Pelosi and Steve Mnuchin have indicated that differences in negotiations on a potential stimulus deal were "narrowing,"  as the self-imposed deadline is now the end of today.

According to latest data, construction starts on new homes came in at a seasonally-adjusted annual rate of 1.42 million in September, which was 1.9% higher than from the previous month’s downwardly-revised figure.

Economists had expected housing starts to occur at a pace of 1.45 million. Compared with last year, housing starts were up 11%.

In corporate news, among the biggest Dow gainers, Procter & Gamble (NYSE: PG) added 1.58% to US$144.24 in New York early deals as the consumer products tian earned US$1.63 per share in its latest quarter, beating consensus of $1.42 a share. The firm's revenue also beat forecasts.

8:15 am: US stocks poised for higher start

US stocks look set for a bounce-back in early trade on Tuesday as the clock continues to count down to tonight’s deadline for a coronavirus stimulus package to be agreed before next week’s election, and hope springs eternal again.

Wall Street caught a bout of nerves yesterday as there appeared no sign of Washington agreeing a pre-election package ahead of House leader Nancy Peolosi’s 48-hour deadline today. The Dow Jones Industrials Average dropped 410 points or 1.4% to 28,195.42, while the S&P 500 lost 1.6%, the Nasdaq Composite shed 1.7%.

But spread betting quotes for Tuesday suggest the US blue-chip index will storm 222 points higher to 28,417, with the S&P 500 tipped to jump 30 points to 3,457, and the Nasdaq Composite is seen rising 275 points to 11,754.

Corporate earnings will be a big focus, with tech giant IBM having reported after the close last night, and Netflix due around the same time today. Old school firms like Proctor & Gamble, Philip Morris and Lockheed Martin have also reported already today.

On the economic front, today will bring the latest US housing starts figures for September.

“With the sales of new homes having surged to a fourteen-year high and sentiment among home builders similarly making notable gains over recent months, today’s housing starts figures are expected to have posted another solid increase, with single-family starts possibly moving above the cyclical high reached last December,” said Daiwa Capital Markets.

Five things to watch on Tuesday:

  • Household goods giant Proctor & Gamble has reported fiscal first-quarter earnings per share, which at US$1.63 were both higher than last year's US$1.36 and the consensus estimate of US$1.42.
  • Tobacco products group Philip Morris also beat consensus forecasts of US$1.36 with its third-quarter earnings per share of US$1.42.
  • Weapons maker Lockheed Martin has reported a better-than-expected third-quarter profit, helped by higher sales in its aeronautics unit which makes the F-35 fighter jet, and raised its full-year earnings forecast.
  • AMC Entertainment Holdings Inc, the world’s largest theater chain, on Tuesday warned of a cash crunch and said it may have to go for in-court restructuring of liabilities if there are no sources of liquidity. It expects its cash resources to be largely exhausted by the end of this year or early 2021.
  • Intel Corp has agreed to sell its NAND memory chip business to SK Hynix Inc for $9 billion in an all-cash deal that would propel the South Korean chipmaker to second in the global rankings.

Quick facts: AMC Entertainment Holdings

Price: 4.45 USD

Market: NYSE
Market Cap: $611.4 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...


FansUnite Entertainment pleased Canada taking a look at allowing single...

FansUnite Entertainment (CSE: FANS- OTCQB: FUNFF) President Darius Eghdami joined Steve Darling from Proactive with news the company is hailing the Canadian government’s decision to introduce legislation that would legalize single-event sports betting in Canada. Eghdami talks about why that...

1 day, 21 hours ago

6 min read