This morning the Dow Jones indicated a gain of more than 90 points at the open. S&P 500 and Nasdaq 100 futures also pointed to a strong open. Market sentiment appears to be improving over anticipation for peaceful trade negotiations. Investors are waiting to hear from the World Trade Organization on an aircraft subsidies dispute, which could allow the US to impose tariffs on Europe. Beginning October 7th, Charles Schwab will be cutting its trading commission cost for US stocks, ETFs, and options from the previous $4.95 to $0; trading options will continue to cost 65 cents per contract. The changes will apply to securities on Canadian exchanges as well. Shares of Schwab fell nearly 8% in response to the company’s recent change. Silicon Valley start-up, Robinhood, put pressure on Wall Street brokerages by offering stock trading for free in 2013. Whereas its competitors, like Charles Schwab and TDAmeritrade charged $4.95 and $6.95, respectively. Schwab’s announcement came after Interactive Brokers took the same step towards commission free trades last Thursday. Rival brokerage firms TDAmeritrade and ETrade shares plummeted more than 20% and 18%, respectively. The yield on 10-YearTreasuries climbed seven basis points to 1.74%
The All-America Economic Survey found a substantial drop in Trump’s approval rating, registering the lowest level of his presidency. Only 37% approve of how the President is doing his job, and 53% disapprove. The president’s economic approval numbers were also showing a decline to 42% from 48%. 50% of Americans were found to disapprove of Trump’s handling of the economy, up from a previously reported 43%, the largest economic negative rating of his presidency. The House Intelligence Committee subpoenaed Trump’s personal lawyer, Rudy Giuliani, as part of its impeachment inquiry. The panel, along with the Oversight and Foreign Affairs committees, is seeking documents related to the attorney’s efforts to get Ukraine to investigate the Biden family. The subpoena demanded that Giuliani produce all text messages, phone records, and any other communications “in order to determine the full extent of this effort by the President and his Administration to press Ukraine to interfere in our 2020 presidential election”. Giuliani has until October 15th to produce the necessary documents.
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This morning the Dow Jones indicated a gain of more than 90 points at the open. S&P 500 and Nasdaq 100 futures also pointed to a strong open. Market sentiment appears to be improving over anticipation for peaceful trade negotiations. Investors are waiting to hear from the World Trade Organization on an aircraft subsidies dispute, which could allow the US to impose tariffs on Europe. Beginning October 7th, Charles Schwab will be cutting its trading commission cost for US stocks, ETFs, and options from the previous $4.95 to $0; trading options will continue to cost 65 cents per contract. The changes will apply to securities on Canadian exchanges as well. Shares of Schwab fell nearly 8% in response to the company’s recent change. Silicon Valley start-up, Robinhood, put pressure on Wall Street brokerages by offering stock trading for free in 2013. Whereas its competitors, like Charles Schwab and TDAmeritrade charged $4.95 and $6.95, respectively. Schwab’s announcement came after Interactive Brokers took the same step towards commission free trades last Thursday. Rival brokerage firms TDAmeritrade and ETrade shares plummeted more than 20% and 18%, respectively. The yield on 10-Year Treasuries climbed seven basis points to 1.74%
The All-America Economic Survey found a substantial drop in Trump’s approval rating, registering the lowest level of his presidency. Only 37% approve of how the President is doing his job, and 53% disapprove. The president’s economic approval numbers were also showing a decline to 42% from 48%. 50% of Americans were found to disapprove of Trump’s handling of the economy, up from a previously reported 43%, the largest economic negative rating of his presidency. The House Intelligence Committee subpoenaed Trump’s personal lawyer, Rudy Giuliani, as part of its impeachment inquiry. The panel, along with the Oversight and Foreign Affairs committees, is seeking documents related to the attorney’s efforts to get Ukraine to investigate the Biden family. The subpoena demanded that Giuliani produce all text messages, phone records, and any other communications “in order to determine the full extent of this effort by the President and his Administration to press Ukraine to interfere in our 2020 presidential election”. Giuliani has until October 15th to produce the necessary documents.
The curve has bull-steepened with UST 10-Year yield down 1.38 bps.