Third quarter earnings season kicks off on Tuesday with reports from JPMorgan, Citigroup and Delta Air Lines.
On Monday, investors rotated out of cyclicals and into technology names after little updates on a fiscal aid package were revealed. The Dow Jones Industrial Average climbed 250 points and the S&P 500 gained 1.64%, both helped by a 6.4% jump in Apple's stock., which was pushed to October due to Covid-19, occurs on Tuesday and the company is expected to launch its first ever 5G iPhone.
With technology stocks leading the way, the Nasdaq Composite gained 2.56% on Tuesday, for its best day since September 9. Investors also weighed the possibility of a second coronavirus relief package from Washington. Over the weekend, the Trump administration called on Congress to pass a smaller $1.8 billion coronavirus relief bill as negotiations on a bigger package continue to run into roadblocks. However, House Speaker Nancy Pelosi In a letter to"This hardly seems about 'stimulus' anymore," Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC.
"Recently, the stock market has been rising whether news surrounding an additional stimulus package is good or bad, suggesting stocks are already responding to what will likely prove to be a wonderful quarterly earnings season," Paulsen added.
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