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REFILE-US STOCKS-Futures fall after heated presidential debate

Published 09/30/2020, 07:44 PM
Updated 09/30/2020, 08:20 PM

(Corrects firm name in paragraph 3, adds analyst details in
paragraph 6)
* Chaotic first U.S. presidential debate dulls mood
* ADP jobs report, inflation numbers and GDP data awaited
* Mega-cap tech firms hit by antitrust news
* Futures down: Dow 0.47%, S&P 500 0.36%, Nasdaq 0.45%

By Devik Jain and Shreyashi Sanyal
Sept 30 (Reuters) - U.S. stock index futures fell on
Wednesday as a heated first presidential debate pointed to a
tough race ahead, with investors also locking in gains on the
last day of the third quarter.
President Donald Trump and Democratic rival Joe Biden
battled fiercely over Trump's record on the coronavirus
pandemic, healthcare and the economy in a chaotic and
bad-tempered first debate. "It is becoming more likely that we won't have a clear-cut
winner on the night of the election and could have a few weeks
of contested period," said Masahiko Loo, portfolio manager at
AllianceBernstein in Tokyo.
Market volatility .VIX has steadily climbed higher in the
past few weeks as investors grew cautious ahead of the elections
and on doubts whether Trump would accept the election's outcome
if he lost.
Analysts said stock markets could also be subject to
quarter-end rebalancing of investor portfolios on Wednesday, as
the previous session was marked by market participants booking
profits after a strong start to the week.
"It is the end of the month, the end of the quarter,
there'll be a certain amount of portfolio tidying and profit
taking that goes along with that," said Connor Campbell,
financial analyst at spread better Spreadex.
Wall Street's main indexes are headed for their first
monthly declines since March, when lockdowns slammed the
economy. Despite the expected weakness in September, the S&P 500
and the Nasdaq were on course for their best two-quarter winning
streaks since 2009 and 2000, respectively.
At 6:52 a.m. ET, Dow e-minis 1YMcv1 were down 130 points,
or 0.47%. S&P 500 e-minis EScv1 were down 12 points, or 0.36%
and Nasdaq 100 e-minis NQcv1 were down 51.25 points, or 0.45%.
Mega-cap technology-related companies including Apple Inc
AAPL.O , Alphabet GOOGL.O , Amazon.com AMZN.O and Facebook
FB.O fell nearly 1% in premarket trading, pressured by
antitrust-related action from the United States, China and the
European Union.
The ADP National Employment Report, due at 8:15 a.m. EDT,
will be closely watched, while a more comprehensive jobs report
will be released by the Labor Department on Friday.
Separately, figures on inflation and a final estimate for
second-quarter gross domestic product were also on the radar.
Moderna Inc MRNA.O rose 3.8% after researchers said its
COVID-19 vaccine candidate produced virus-neutralizing
antibodies in older adults at levels similar to those seen in
younger adults in an early safety study. Walt Disney Co DIS.N fell 2% as it plans to lay off
roughly 28,000 employees, mostly at its U.S. theme
parks. Micron Technology Inc MU.O slipped 4.3% after the
chipmaker said it has not yet obtained new licenses needed to
sell its memory chips to China's Huawei Technologies Co Ltd
HWT.UL , which would cut its sales over the next two quarters.

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