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Stock futures rise slightly as investors brace for final quarter of 2020

October 1, 2020

U.S. stock futures rose slightly in overnight trading, as investors braced for the start of the fourth quarter with hopes of fiscal stimulus.

Dow futures rose 115 points. S&P 500 futures and Nasdaq 100 futures ticked up 0.25% and 0.3%, respectively.

The House of Representatives delayed the vote on a $2.2 trillion rescue package on Wednesday evening after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to strike a coronavirus aid deal; however, the pair said the conversation would continue.

The Federal Reserve said Wednesday it is extending the restrictions on big bank dividends and buybacks through the fourth quarter. Banks dipped in extended trading following the central bank’s announcement.

On Wednesday, the Dow Jones Industrial Average climbed more than 300 points, after being up more than 550 points on hopes the White House and Senate would agree to a second stimulus package.

The S&P 500 also registered

Income inequality narrowed slightly over last three years -Fed

September 28, 2020

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By Howard Schneider

WASHINGTON, Sept 28 (Reuters) – Income inequality in the United States narrowed in the first three years of the Trump administration as rising incomes and a low unemployment rate fueled gains for lower-income and less educated families, according to U.S. Federal Reserve data released on Monday.

Wealth inequality was largely unchanged, with the top 10% of families holding about 71% of family wealth in 2019 versus 2016, the Fed found in its latest Survey of Consumer Finances, conducted every three years.

But the period did see proportionately larger gains in wealth for Black and Hispanics families, the Fed said, with the median net worth for Black families rising 33% and for Hispanic families rising 65% compared with a 3% gain in the median for white families. However the absolute gap remained large: the median income for white families, at $188,200, was nearly 8 times that of

China’s Factory Activity Likely Grew at Slightly Faster Pace in September: Reuters Poll | Investing News

September 28, 2020

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BEIJING (Reuters) – China’s factory activity likely expanded at a slightly faster pace in September, a Reuters poll showed on Monday, as the economy extends a steady recovery from the coronavirus crisis.

The official manufacturing Purchasing Manager’s Index (PMI) is expected to pick up moderately to 51.2 in September from August’s 51, according to the median forecast of 28 economists polled by Reuters. A reading above 50 indicates an expansion in activity on a monthly basis.

China’s vast industrial sector is steadily returning to the levels seen before the pandemic paralysed huge swathes of the economy early this year.

Pent-up demand, stimulus-driven infrastructure and surprisingly resilient exports have been the main drivers propelling the rebound. Consumption is also slowly recovering, despite signs of lagging spending among low-income groups.

Profits at China’s industrial firms extended their robust growth for the fourth month in August, official data showed on Sunday.

Moreover, China’s

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