BY THE NUMBERS
Dow futures bounced Monday morning, the first trading day of November and the day before the election. The 30-stock average had its worst week and worst month since March, which saw Wall Street's coronavirus lows late that month. Futures were lower shortly after opening Sunday night and were relatively flat overnight. They started jumping around 3:30 a.m. ET. (CNBC)
Futures buying after October's swoon came despite a record 99,321 new Covid-19 infections Friday. Saturday and Sunday saw over 81,000 new cases each day. Apart from the election and the coronavirus, investors are faced with other key events this week, including the Federal Reserve's policy meeting and the government's October employment report on Friday. (CNBC)
On today's economic calendar, the government is out with September construction spending figures at 10 a.m. ET, with forecasts calling for a 1% rise following August's 1.4% increase. Mondelez (MDLZ), PayPal (PYPL) and Mosaic (MOS) are among the companies set to release quarterly earnings after today's closing bell. (CNBC)
IN THE NEWS TODAY
Fueling Friday's record new daily coronavirus cases, the nation's third peak, 43 states saw infections growing by 5% or more, according to a CNBC analysis of data compiled by Johns Hopkins University. In New York, the epicenter early in the outbreak, Democratic Gov. Andrew Cuomo said visitors must get tested for Covid-19 within three days of arriving in New York, quarantine for three days upon arrival and get retested on day four. This new protocol replaces New York's previous quarantine rules. (CNBC)
* Stanford researchers: Trump campaign rallies led to more than 30,000 coronavirus cases (CNBC)
In Europe, which saw their case peaks a few weeks ahead of the U.S., British Prime Minister Boris Johnson announced Saturday a second national lockdown in England. Starting Thursday, nonessential businesses will close but schools will stay open for the next four weeks. (CNBC)
* WHO chief to quarantine after contact with a person who tested Covid-19 positive (AP)
President Donald Trump suggested early Monday that he might fire Dr. Anthony Fauci, after the nation's top infectious disease expert further criticized the president's handling of the coronavirus. At a late-night rally near Miami that stretched into Monday, Trump defended his response to the pandemic. The crowd started chanting "Fire Fauci!" The president said, "Don't tell anybody, but let me wait until a little bit after the election. I appreciate the advice." (Reuters)
Trump continues his rally blitz in swing states, including events in Pennsylvania, North Carolina and two in Michigan. The president on Monday also holds a rally in Kenosha, Wisconsin, a city that saw protests after Jacob Blake, a 29-year-old Black man, was shot in the back in front of his sons by a White police officer on Aug. 23. (AP)
In the final NBC News/Wall Street Journal poll, released Sunday, Democrat Joe Biden had a 10-point national lead over President Donald Trump. A majority of voters who were surveyed approved of Trump's handling of the economy. But a majority also disapproved of his response to the pandemic. Biden spends election eve largely in Pennsylvania. Pop superstar Lady Gaga joins Biden for a drive-in rally Monday evening in Pittsburgh. (CNBC)
A federal judge on Monday holds a hearing on drive-thru voting in Texas, one day after the state's all-GOP supreme court denied a Republican-led petition to toss nearly 127,000 ballots cast at drive-thru places in the Houston area. Conservative activists have filed a battery of state and federal court challenges over moves to expand voting options during the pandemic. (AP)
* Here’s when key states will start counting election 2020 ballots (CNBC)
The U.S. Postal Service must remind senior managers that they must follow its "extraordinary measures" policy and use its Express Mail Network to expedite ballots ahead of Tuesday's presidential election, under an order signed by a federal judge Sunday. The push to get ballots delivered by election night has taken on significance because Trump has repeatedly said, without evidence, that mail voting would lead to widespread fraud. (CNBC)
STOCKS TO WATCH
Clorox (CLX) reported quarterly earnings of $3.22 per share, compared to a consensus estimate of $2.32 a share. Revenue also topped forecasts, as Clorox continued to benefit from purchases by homebound consumers amid the pandemic. Clorox also raised its full-year sales guidance.
Estee Lauder (EL) earned $1.44 per share, well above the 90 cents a share consensus estimate. Revenue also beat forecasts and Estee Lauder announced a 10% dividend increase to 53 cents per share.
Marathon Petroleum (MPC) lost an adjusted $1.00 per share, less than the loss of $1.70 per share expected by Wall Street analysts. Revenue came in below estimates, however, amid significantly lower demand due to the pandemic's economic impact.
AMC Networks (AMCX) reported quarterly earnings of $1.32 per share, 4 cents a share above estimates. Revenue also exceeded forecasts. AMC said it expects to have 5 million to 5.5 million paid streaming video subscribers by the end of the year.
Waste Management (WM) earned $1.09 per share for its latest quarter, 7 cents a share above estimates. Revenue also topped forecasts. The company said it was pleased with its performance despite a challenging economic backdrop.
Dunkin' Brands (DNKN) agreed to be acquired by Arby's owner Inspire Brands for $8.8 billion in cash, or $106.50 per share, the largest North American restaurant acquisition since Burger King owner Restaurant Brands (QSR) acquired the Tim Hortons chain in 2014.
Nielsen Holdings (NLSN) is selling its consumer goods data unit to private-equity firm Advent International for $2.7 billion. With the deal, Nielsen has abandoned its previously announced plan to split itself into two separate publicly traded companies. Separately, Nielsen reported better-than-expected profit and revenue for its latest quarter.
Sony (SNE) is close to buying U.S.-based anime streaming service CrunchyRoll from AT&T (T) for about $956 million, according to a report by Japan's Nikkei news service.
Bank of America (BAC) said nearly $10 billion of its consumer loan portfolio was in a deferral program as of Oct. 21.
General Motors (GM) has hired Paul Jacobson as its new chief financial officer. Jacobson had been CFO at Delta Air Lines (DAL) since 2012.
JPMorgan Chase (JPM) raised its stake in its China securities joint venture to 71%, after buying a 20% stake from one of its local partners.
Lockheed Martin (LMT) will retake control of a nuclear weapons contract from a consortium that includes Lockheed Martin and Jacobs Engineering (J).
Correction: Gov. Andrew Cuomo's travel advisory requires out-of-state travelers to get tested for Covid-19 within three days before traveling to the state and again four days after arriving. An earlier version misstated the testing requirements.