Stock Market Today: Dow, S&P Live Updates for Sep. 30, 2020 - Bloomberg

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Photographer: Matthew Hatcher/Bloomberg

U.S. equity-index futures dropped and European shares fluctuated after an acrimonious American presidential debate highlighted the risk of a contested vote in November. A gauge of the dollar held steady.

S&P 500 futures fell as much as 1.3% in the hours after the chaotic sparring between Donald Trump and Democratic hopeful Joe Biden during which the president suggested vote-by-mail could be rife with fraud. The Stoxx Europe 600 opened lower and then recovered as insurance and utility shares advanced.

“What we’ve seen from the debate is the reinforcement that if Biden wins, Trump is not going to accept that,” said Chris Weston, head of research at Pepperstone Group Ltd. in Melbourne. “People positioned for an ugly contest afterwards have been validated.”

Traders were also recalibrating positions on the final day of this quarter. Walt Disney Co. shares fell in late trading after it said 28,000 workers will be let go in its slumping U.S. resort business, marking one of the deepest workforce reductions of the Covid-19 era.

A Political Bump

The day after the first U.S. presidential debate has mostly been positive for stocks

Source: Bloomberg

Global investors are keeping an eye on news about coronavirus vaccines and on talks in Washington for a new stimulus package that’s set to reach a critical juncture this week. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke Tuesday morning for 50 minutes and are set to speak again Wednesday.

Earlier in Asia, China Evergrande Group’s bonds and stocks climbed after the developer took a major step toward avoiding a cash crunch. China markets are shut from Thursday for a week of holidays. South Korea is closed Wednesday. Equity gauges in Japan and Australia declined by at least 2%.

Frank Luntz, founder of Luntz Global, talks about the first presidential debate between President Donald Trump and Democratic nominee Joe Biden.

Source: Bloomberg

Here are some key events coming up:

• A large line up of ECB officials, including Christine Lagarde, are speaking Wednesday at the ECB and its Watchers Conference.
• The EIA crude oil inventory report comes out Wednesday.
• The September U.S. employment report on Friday will be the last before the November election.

These are the main moves in markets:

Stocks

• The Stoxx Europe 600 Index advanced 0.1% as of 8:38 a.m. London time.
• Futures on the S&P 500 Index fell 0.5%.
• Nasdaq 100 Index futures fell 0.7%.
• The MSCI Asia Pacific Index dipped 0.5%.

Currencies

• The Bloomberg Dollar Spot Index was little changed.
• Sterling weakened 0.2% to 0.9152 per euro.
• The Japanese yen was little changed at 105.62 per dollar.
• The Mexican peso strengthened 0.4% to 22.3736 per dollar.

Bonds

• The yield on 10-year Treasuries climbed one basis point to 0.65%.
• Germany’s 10-year yield climbed one basis point to -0.54%.
• Britain’s 10-year yield increased one basis point to 0.194%.
• New Zealand’s 10-year yield climbed five basis points to 0.519%.

Commodities

• West Texas Intermediate crude fell 0.4% to $39.12 a barrel.
• Gold weakened 0.6% to $1,887.47 an ounce.
• Silver weakened 1.2% to $23.89 per ounce.
• Iron ore surged 3.2% to $120.53 per metric ton.

— With assistance by Eric Lam, Gregor Stuart Hunter, and Adam Haigh

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