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U.S. stock-index futures rose on Tuesday, as investors bet on a victory for Democrat Joe Biden at the 2020 U.S. presidential election, which is expected to be followed by massive fiscal stimulus.

Global Stocks:

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FXStreet reports that analysts at Credit Suisse note that the S&P 500 is holding key support from the 3209/3199 September low though the market has weakened as the election approaches. Whilst above here, this would suggest that investors are more skewed to a clean sweep election result and the likelihood is that consolidation from September is temporary before the core uptrend resumes.

“The S&P 500 has stabilized as expected as we approach the US election after having fallen to within a touching distance of its pivotal support at 3209/3199, which includes the key September low. Key technically will be whether this 3209/3199 support remains intact post the election.”

“Given we are seeing both S&P 500 and Nasdaq 100 hold key supports into tonight and with the long-end of the US bond market actually already breaking key support levels, we remain of the view investors are more positioned to a clean sweep outcome rather than a split or contested result and a ‘blue sweep’ at that.” 

“If we can hold 3209/3199 post the election then that should add weight to the view weakness from September has been consolidation in the broader bull trend. We thus look for a test of key resistance seen starting at the price gap from last week, seen starting at 3342 and stretching up to 3390/94, also the 13 and 63-day averages, with sellers expected here. A close above 3394 though stays needed to suggest a better low has indeed been established, with resistance then seen next at 3410/15, then 3441.”

PayPal (PYPL) reported Q3 FY 2020 earnings of $1.07 per share (versus $0.61 per share in Q3 FY 2019), beating analysts’ consensus estimate of $0.94 per share.

The company’s quarterly revenues amounted to $5.459 bln (+24.7% y/y), roughly in line with analysts’ consensus estimate of $5.412 bln.

The company also issued guidance for Q4 FY 2020, projecting EPS growth of +17-18% y/y, or ~$1.01 (versus analysts’ consensus estimate of $1.07) and revenues of up +20-25% y/y, or $5.95-6.20 bln (versus analysts’ consensus estimate of $6.10 bln).

PYPL fell to $177.40 (-5.52%) in pre-market trading.