Stock futures bump higher despite Iowa results delay snafu
Equity investors are taking Iowa in stride
Fox News Decision Desk director Arnon Michkin says the Iowa caucus decision might take days to determine, making it a 'footnote' in the process.
As the Iowa caucuses kick off, U.S. investors remain a cool group.
Problems with a mobile app appeared to force a delay in reporting the results of the Iowa caucuses Monday, leaving the campaigns, voters and the media in election limbo and pressing for an explanation.
An Iowa Democratic Party official pointed to “inconsistencies in the reporting” of the results and said “quality control” efforts were holding up the results. The official stressed that delay was not caused by a “hack or an intrusion.”
Stock futures are indicating a rise of about 1 percent, or about 300 points added to the Dow.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 5973.1 | +44.06 | +0.74% |
| I:DJI | DOW JONES AVERAGES | 43729.34 | -0.59 | -0.00% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19269.45893 | +285.99 | +1.51% |
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Investors will be watching to see how the candidates fare across the board and whether or not favored candidates in the polls thus far, including Sen. Bernie Sanders and former Vice President Joe Biden will keep that momentum.
FOX Business’ Connell McShane speaks with Iowa business owners about what challenges and benefits come with the caucuses.
MANUFACTURERS IN IOWA EYE 2020 RACE
Separately, earlier today, President Donald Trump used Iowa to hype his success in sealing multiple trade deals noting "Great times are coming, after waiting for decades, for our Farmers, Ranchers, Manufacturers and ALL..."
In the extended session, Alphabet, parent of Google, saw shares drop after posting mixed results.
The stock dropped about 4 percent after closing higher on Monday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOGL | ALPHABET INC. | 180.75 | +4.24 | +2.40% |
The search giant posted $46.08 billion in revenue, missing estimates of $46.94 billion, while profits were stronger coming in at $15.35 per share, exceeding the $12.53-per-share forecast among analysts.
Elsewhere, Tesla saw a nice jump on Monday, the biggest percentage increase since May 2013, giving short-sellers, those betting the stock will fall, another dose of pain.
TESLA SHORT-SELLERS TAKE $2.5B HIT
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 296.91 | +8.38 | +2.90% |
And in commodities news, oil entered a bear market, the fastest slide from the highs in the last seven years, according to the Dow Jones Market Data Group. Canceled flights and trains, falling tourism in China has brought oil demand to a near standstill.
CORONAVIRUS PUSHES OIL INTO BEAR MARKET
Shares of exchange-traded funds that track U.S. oil and energy stocks tumbled.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND - USD ACC | 74.66 | +0.12 | +0.16% |
| XLE | ENERGY SELECT SECTOR SPDR ETF | 93.13 | -0.43 | -0.46% |
Late Monday, the Chinese updated the coronavirus death toll which has hit 425 with over 20,438 infected by the virus.