Stock futures flat as Washington fails to reach a stimulus deal – CNBC
U.S. stock index futures were little changed in overnight trading as U.S. lawmakers try to hammer out a deal on additional stimulus measures.
House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke once again on Thursday in an effort to ink a deal for another coronavirus relief package, but they remained at odds.
In the absence of a bipartisan plan, House Democrats moved to pass their own $2.2 trillion package Thursday night. Leaving the House floor, Pelosi told reporters the sides would not reach a deal Thursday but would keep talking, according to NBC News.
“Markets are being surprisingly resilient … in the absence of actual stimulus progress,” Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, told CNBC. “Clearly markets are watching what’s happening between Secretary Mnuchin and Speaker Pelosi, and I think they’re cautiously optimistic that some type of comprise will be made,” he added.
Stocks rose on Thursday, after both the Dow and S&P 500 spent some of the session in negative territory.
The Dow closed 35 points higher for a gain of 0.1%, while the S&P 500 advanced 0.5%. The tech-heavy Nasdaq Composite was the relative outperformer, gaining 1.4%.
On Friday investors will get a read on the state of the ongoing economic recovery when September’s jobs report is released at 8:30 a.m. ET. The final jobs report ahead of the election is expected to show a slowdown from August’s levels. Economists surveyed by Dow Jones are expecting 800,000 nonfarm payrolls added, down from 1.37 million in August.
Stocks have staged a record rebound since the economic shutdown sent stocks tumbling in March. But the major averages all finished September lower, snapping a five-month win streak, as doubts emerge about the pace and breadth of the recovery.
Zaccarelli noted that while there seems to be a floor under stocks, if the market is to continue moving higher into the end of the year there needs to be strength from more areas of the market.
“For the market to really push higher for the rest of the year we really need to see some participation from the cyclical sectors,” he said, citing industrials and financials in particular.
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Chris Wallace blames Trump for chaotic debate: He ‘bears the primary responsibility’ – CNN
“I had baked this beautiful, delicious cake and then frankly the President put his foot in it,” Wallace said.
“That was frustrating,” Wallace added. “It was frustrating for me because I tried hard to prepare for a serious debate, much more frustrating and more importantly for the American people because they didn’t get the debate they wanted that they deserved.”
Wallace, who said that he wished he had stepped in more seriously sooner, went on to describe the missed opportunity as “a loss for the country.”
Asked by Hemmer if he had rewatched the debate, Wallace replied, “Oh, God no. Oh, God no. It wasn’t something that I want to revisit.”
“Look, it took me 4 years to re-watch the Trump-Clinton debate from 2016, which I very much enjoyed, and it still took me 4 years to look,” Wallace explained. “This is going to take a while before I watch this one again.”
A person close to the commission told CNN on Thursday that the organization has “not ruled out anything.” When asked if giving the moderator the ability to cut off a candidate’s microphone is on the table, the person said the commission is “considering everything.”
Wallace, however, didn’t appear sold on that idea.
“That’s a pretty tough spot to put any moderator in,” Wallace said.
Almost immediately after the debate got underway Tuesday night, Wallace lost control and was never was able to regain order.
Trump even spoke over Wallace, telling the Fox News anchor, “I guess I’m debating you, not him, but that’s OK. I’m not surprised.”
At one point, Wallace attempted to rein in the President, pleading with him to obey the rules.
“I think that the country would be better served if we allowed both people to speak with fewer interruptions,” Wallace said. “I’m appealing to you, sir, to do that.”
“Well, and him too!” Trump quipped back, referring to Biden.
“Well, frankly, you’ve been doing more interrupting than he has,” Wallace countered.
The attempt was unsuccessful and the debate ended much like it started: in chaos.
In the aftermath, Wallace was the target of criticism from all sides of the political plane for the circus that aired on national television.
Some people sympathized with the difficult position Wallace was put in, suggesting that Trump had no intention of obeying the rules and contending there was little Wallace could do.
Supporters of Trump, however, skewered Wallace for supposedly being unfair to the President. Some of these critics included prominent Fox News personalties.
Still, Wallace earned the praise from Fox News executives. In a memo sent to the network, Fox News chief executive Suzanne Scott and president Jay Wallace said they were “extremely proud of his professionalism, skill and fortitude in a unique situation.”
‘Business as usual’: Selective Service System clarifies draft process amid escalation in Iran tensions – USA TODAY
The Selective Service System, which maintains a list of potential recruits in the event of a military draft, clarified the process in a Friday Twitter post following increased tensions between the United States and Iran.
The killing of top Iranian General Qasem Soleimani in a Thursday airstrike ordered by President Donald Trump sparked concerns about a broader military conflict with Iran and what appeared to be online fears about the return of the draft.
“The Selective Service System is conducting business as usual. In the event that a national emergency necessitates a draft, Congress and the President would need to pass official legislation to authorize a draft,” the Selective Service System wrote.
The Service later wrote that its website was experiencing “high traffic volumes” that disrupted website functions because of “the spread of misinformation.” The Service, however, did not specify what the misinformation was or what exactly caused the website crash.
‘On high alert’: Iran general’s death stirs fear of wide fallout
The Service’s website was still down Saturday morning.
The killing of Soleimani was the latest action in long-simmering tensions between the United States and Iran, including the United States’ withdrawal from an accord limiting Iran’s nuclear program and the reimposing of sanctions on the country.
Secretary of State Mike Pompeo said Friday morning on CNN that the airstrike on Soleimani’s convoy had come in response to an “imminent attack.” Iran has vowed “harsh retaliation” for those responsible for Soleimani’s killing, and the country’s ambassador to the United Nations said Saturday, “the response for a military action is military action.”
The United States will send about 3,000 more soldiers to Kuwait to reinforce existing forces.
Iran ambassador to UN:‘the response for a military action is military action’
The last draft ended after the Vietnam War as the U.S. military transitioned to become an all-volunteer service. Currently, all male U.S. residents between the ages of 18 and 25 must register with the Selective Service, though registration with the Selective Service does not necessarily mean all registrants will be drafted.
Women cannot be drafted as current legislation governing the Selective Service only refers to “male persons,” so the drafting of women would require new legislation, the Selective Service says.
If troops are mobilized, “A lottery drawing would be conducted to determine the order in which men would be called, and induction orders would be issued, in lottery number order, by means of the U.S. Postal Service,” a Selective Service history explains.
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