DAILY MORNING UPTODATES.

The S&P 500 futures trade four points, or 0.1%, below fair value following Monday's rally, as the market takes a breather ahead of a speech from Fed Chair Powell and some economic data. Specifically, investors will receive the Trade Balance report for August (Briefing.com consensus -$66.2 billion) at 8:30 a.m. ET and the JOLTS - Job Openings report for August at 10:00 a.m. ET. Afterwards, Fed Chair Powell will speak to the National Association for Business Economics about the economic outlook at 10:40 a.m. ET. Stimulus expectations remain elevated, even though the timeline for a fiscal deal is uncertain. House Speaker Pelosi and Treasury Secretary Mnuchin are scheduled to continue negotiations today. On a related note, ECB President Lagarde is prepared to add additional stimulus and cut rates to support a European recovery, according to The Wall Street Journal. Longer-dated Treasuries remain under selling pressure, pushing yields higher to multi-month highs. The 2-yr yield is flat at 0.14%, and the 10-yr yield is up two basis points to 0.78%. The U.S. Dollar Index is down 0.1% to 93.39. WTI crude futures are up 1.9%, or $0.75, to $39.96/bbl after rebounding 6% yesterday. In U.S. Corporate news: Pfizer (PFE 37.25, +0.50): +1.4% after announcing the initiation of a rolling submission to the European Medicines Agency for its COVID-19 vaccine candidate. BioNTech (BNTX 87.89, +7.19, +8.9%) is a part of the collaboration. Costco (COST 362.25, +3.67): +1.0% after the stock was upgraded to Overweight from Equal Weight at Barclays. Alteryx (AYX 140.40, +26.52): +23.3% after naming a new CEO and issuing upside revenue guidance for Q3. Wingstop (WING 144.80, +2.52): +1.8% after reporting domestic same store sales for Q3, which increased 25.4%. Reviewing overnight developments: Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note while markets in China remained closed for Golden Week. Japan's Nikkei: +0.5%, Hong Kong's Hang Seng: +0.9%, China's Shanghai Composite: CLOSED, India's Sensex: -0.2% South Korea's Kospi: +0.3%, Australia's ASX All Ordinaries: +0.5%. In economic data: South Korea's September CPI 0.7% m/m (expected 0.4%; last 0.6%); 1.0% yr/yr (expected 0.7%; last 0.7%) Australia's August trade surplus AUD2.64 bln (expected surplus AUD5.15 bln; last surplus AUD4.607 bln). Exports fell 4% m/m (last -4%) while Imports increased 2% m/m (last 7%) India's September Nikkei Services PMI 49.8 (expected 44.7; last 41.8) In news: Australia's government unveiled its next budget, which calls for personal tax cuts and hiring credits to encourage youth employment. The Reserve Bank of Australia, meanwhile, left its cash rate at 0.25%, as expected. Bank of Japan Governor, Haruhiko Kuroda, said that the Japanese economy remains in a severe state. Major European indices trade near their flat lines while Spain's IBEX (+1.0%) outperforms. STOXX Europe 600: UNCH, Germany's DAX: +0.2%, U.K.'s FTSE 100: +0.1%, France's CAC 40: +0.4%, Italy's FTSE MIB: +0.6%, Spain's IBEX 35: +1.0%. In economic data: Germany's August Factory Orders 4.5% m/m (expected 2.6%; last 3.3%) U.K.'s September Construction PMI 56.8 (expected 54.0; last 54.6) In news: The European Commission will maintain the suspension of budget rules in 2021 to encourage fiscal spending. Italy's Health Ministry will announce new coronavirus-related measures tomorrow, but a general lockdown is unlikely to be ordered. Spain's furlough program is likely to be extended past January. U.S equity futures: S&P 500 Futures +1 @ 3394 DJIA Futures +90 @ 28085 Nasdaq Futures -30 @ 11439 Overseas: Europe: DAX +0.2%, FTSE +0.1%, CAC 0.4% Asia: Nikkei +0.5%, Hang Seng +0.9%, Shanghai CLOSED Commodities: Crude Oil +0.73 @ 39.95 Nat Gas +0.068 @ 2.683 Gold +1.40 @ 1921.50 Silver -0.010 @ 24.550 Copper +0.0063 @ 2.9693 U.S. Summary: Earnings/Guidance (Full Earnings Calendar): Alexion Pharma (ALXN) to raise FY20 guidance by more than $200 million when it reports Q3 results Alteryx (AYX) names new CEO; also guides Q3 revenue above consensus American Superconductor (AMSC) guides SepQ and DecQ revs above consensus; acquires Northeast Power Systems Fiesta Restaurant (FRGI) reports Q3 comps; expects Q3 EBITDA margins to be above the second quarter and year-ago Group 1 Auto (GPI) sees Q3 EPS above consensus; announces $200 mln share repurchase authorization Himax Tech (HIMX) pre-announces Q3 results; sees EPS and revs above consensus Misonix (MSON) sees Q1 revs above consensus Wingstop (WING) reports Q3 Domestic same store sales increased 25.4% General News: House Speaker Nancy Pelosi (D-CA) and Treasury Secretary Steven Mnuchin will continue stimulus talks today, but it is unclear whether they can agree to a deal and get support from Senate Republicans President Trump was discharged from the hospital and said that he would be back on the campaign trail soon, according to The Hill European Central Bank President Christine Lagarde is prepared to add additional stimulus and lower rates, according to the Wall Street Journal The Trump administration blocks new strict FDA guidelines for a potential coronavirus vaccine, according to the New York Times House panel will recommend breakup of large technology companies, according to Bloomberg Joe Biden at NBC News town hall said a president doesn't have the power to enforce a mask mandate beyond federal property, but he would call on all of the governors and mayors to 'lay out the guidelines'; he acknowledges that some governors will not do this New polls taken after the first debate show Joe Biden leading President Trump by 5 points in PA and 6 points in WI, according to Reuters Dr. Anthony Fauci says President Trump could have a 'reversal', but it is not likely; says Mr. Trump looks 'very well'; says Regeneron (REGN) antibody made a difference Senate Judicary Committee officially schedules Supreme Court confirmation hearings for Amy Coney Barrett beginning Monday, October 12 at 9:00 ET FAA extends temporary waivers of minimum flight requirements at some US airports, according to Reuters Ireland will move to Level 3 restrictions from midnight on Tuesday for three weeks, according to Irish Times Aecom Tech (ACM) announces integration of its DCS businesses into one global organization; COO to retire AMAG Pharma (AMAG) receives notice from FDA to withdraw approval of Makena Amgen (AMGN) announces positive topline Phase 2 results from the CodeBreaK 100 clinical study Amphastar Pharmaceuticals (AMPH) receives FDA approval for atropine sulfate injection Apple (AAPL) stops selling headphones and wireless speakers from rivals, according to Bloomberg AT&T (T): Warner Bros. moves expected December release date for sci-fi movie "Dune" to Oct. 1, 2021, according to Collider Axovant (AXGT) reports six-month follow-up data from the second cohort of patients receiving a total dose of 1.4 x 107 TU of gene therapy in the open-label, dose-escalation SUNRISE-PD Phase 2 trial of AXO-Lenti-PD for the treatment of Parkinson's disease Biogen (BIIB) and Samsung Bioepis announce that the EMA has accepted for review the Marketing Authorisation Application for SB11 BioNTech (BNTX) and Pfizer (PFE) begin rolling submission to EMA for SARS-CoV-2 vaccine candidate BNT162b2 ChromaDex (CDXC) announces study results showing nutritional protocol including nicotinamide riboside plus standard of care reduces recovery time in COVID-19 patients by nearly 30% Copart (CPRT) promotes Steve Powers to serve as Chief Operating Officer Corbus Pharma (CRBP) announced topline results from its 28-week Phase 2b study of lenabasum in patients with cystic fibrosis Daimler AG (DDAIF): New Mercedes-Benz strategy announced - targeting structurally higher profitability; New electric products coming for AMG, Maybach and G Echo Global Logistics (ECHO) promotes Peter Rogers to Chief Financial Officer, effective October 5, 2020 Eli Lilly (LLY): REYVOW C-V demonstrated superior pain freedom at 2 hours in at least 2 of 3 migraine attacks in new phase 3 consistency of effect study GlycoMimetics (GLYC): FDA grants a Rare Pediatric Disease designation for rivipansel for the treatment of sickle cell disease Grupo Aeroportuario del Pacifico (PAC) reports September traffic declined 38.3% yr/yr Hess (HES) to sell its 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico to BHP Billiton Iovance Biotherapeutics (IOVA) pushes back timeline for BLA submission for lifileucel into 2021 as co and FDA have not been able to agree on the required potency assays Kaleido Biosciences (KLDO) provides update to its ongoing COVID-19 clinical development program evaluating KB109 when added to supportive self-care in outpatients with mild-to-moderate COVID-19 disease Kimball (KBAL) names new CFO LGI Homes (LGIH) reports September home closings rose 24.0% yr/yr to 811 Microsoft (MSFT) rebrands Bing as Microsoft Bing, according to company blog Netflix (NFLX) cancels Glow Season 4 due to COVID, according to The Hollywood Reporter Nkarta (NKTX) names new CFO Osisko Gold Royalties (OR) reports multiple new high-grade gold discoveries at Cariboo Gold Project Puma Biotech. (PBYI) announces that efficacy results of neratinib in HER2-positive, hormone receptor-positive, early stage breast cancer from the Phase III ExteNET trial were published Quanterix (QTRX) enters into a non-exclusive royalty-bearing license agreement with Abbott Labs Southwest (LUV) can avoid 2021 furloughs and layoffs with pay cuts, according to Reuters Super Micro Computer (SMCI) announces intention to support the new NVIDIA BlueField-2 DPU Supernus Pharma (SUPN) names James Kelly as Chief Financial Officer Uniti Group (UNIT) will begin offering nationwide dark fiber services on 31,000 fiber route miles Vectrus (VEC) awarded $196 mln contract to continue base operations support services at Naval Station Guantanamo Bay Volaris Aviation (VLRS) reports September traffic results; operating at 84% of 2019 capacity levels W&T Offshore (WTI) provides operational update Welltower (WELL) appoints Shankh Mitra as Chief Executive Officer, effective October 5 Whitestone REIT (WSR) reports Q3-2020 rental collections of 90% Y-mAbs Therapeutics (YMAB) receives a Refusal to File letter from the U.S. FDA regarding the Biologics License Application for omburtamab M&A: 10x Genomics (TXG) to acquire ReadCoor, developer of foundational In Situ technologies, for $350 mln in cash and stock Accenture (ACN) acquires New Zealand-based SAP and cloud solutions technology firm Zag Avalara (AVLR) to acquire Transaction Tax Resources, Inc. for approximately $377 million in cash Generac (GNRC) signs agreement to acquire Enbala Power Networks; terms of the deal were not disclosed i3 Verticals (IIIV) acquires three companies SiteOne Landscape Supply (SITE) acquires Hedberg Supply Steris (STE) signed a definitive agreement to purchase Key Surgical, a portfolio company of Water Street Healthcare Partners, LLC, through a U.S. subsidiary for $850 million Syndicate: nCino (NCNO) files for 5.5 mln share common stock offering by selling shareholders Summit Therapeutics (SMMT) files for $200 mln mixed securities shelf offering IPOs: Expected to Price: AZIYO Biologics (Nasdaq: AZYO): The commercial-stage regenerative medicine company is expected to price its 2.9 M share IPO between $16-$18. fuboTV (NYSE: FUBO): The sports-focused, live TV streaming platform is expected to price its 15.0 M share IPO between $9-$11. iHuman (NYSE: IH): The leading online childhood edutainment provider in China is expected to price its 7.0 M share IPO between $11-$13. Kronos Bio (Nasdaq: KRON): The clinical-stage biopharmaceutical company developing novel cancer therapeutics is expected to price its 10.3 M share IPO between $16-$18. Shattuck Labs (Nasdaq: STTK): The clinical-stage biotechnology company developing dual-sided fusion proteins as a new class of biologic medicine is expected to price its 10.0 M share IPO between $14-$16. Spruce Biosciences (Nasdaq: STTK): The late-stage biopharmaceutical company developing and commercializing novel therapies for rare endocrine disorders is expected to price its 5.0 M share IPO between $14-$16. Gapping Up/Down Gapping up: AYX +23.5%, EEX +12.9%, GLYC +10.4%, AMSC +10.2%, HIMX +8.6%, BNTX +7.3%, AMPH +6.8%, SMMT +5%, VEC +3.7%, TXG +2.9%, SMCI +2%, ALXN +2%, IIIV +1.7%, PFE +1.5%, OR +1.4%, GNRC +1.3%, QTRX +1.1%, AVLR +0.9%, NKTX +0.8%, UNIT +0.7% Gapping down: IOVA -20%, YMAB -18.5%, LOGI -6.2%, NCNO -2.9%, AMAG -2.9%, SONO -2.8%, SPOT -0.9%, NFLX -0.6%, AAPL -0.6%, HES -0.5% Analyst Research (see Upgrades/Downgrades calendarfor full list): Upgrades: Advance Auto (AAP) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $190 Bank of Montreal (BMO) upgraded to Neutral from Underperform at BofA Securities Bank of Nova Scotia (BNS) upgraded to Buy from Neutral at BofA Securities; tgt $68 Barclays PLC (BCS) upgraded to Buy from Sell at Redburn Beacon Roofing Supply (BECN) upgraded to Outperform from Mkt Perform at William Blair Extra Space Storage (EXR) upgraded to Mkt Perform from Underperform at Raymond James Infosys (INFY) upgraded to Buy from Hold at ICICI Securities Life Storage (LSI) upgraded to Outperform from Mkt Perform at Raymond James; tgt $120 Northrop Grumman (NOC) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt $391 Rio Tinto (RIO) upgraded to Buy from Hold at Investec SeaWorld Entertainment (SEAS) upgraded to Outperform from Neutral at Credit Suisse Syneos Health (SYNH) upgraded to Buy from Neutral at Mizuho; tgt $65 Trinseo (TSE) upgraded to Buy from Hold at Jefferies; tgt $35 Downgrades: AXT (AXTI) downgraded to Neutral from Buy at B. Riley Securities; tgt $6.60 Bright Horizons (BFAM) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt raised to $150 CubeSmart (CUBE) downgraded to Mkt Perform from Outperform at Raymond James EPR Properties (EPR) downgraded to Hold from Buy at Truist; tgt lowered to $27 Independent Bank Group (IBTX) downgraded to Mkt Perform from Outperform at Raymond James Iovance Biotherapeutics (IOVA) downgraded to Equal Weight from Overweight at Wells Fargo Miragen Therapeutics (MGEN) downgraded to Neutral from Buy at H.C. Wainwright Public Storage (PSA) downgraded to Underperform from Mkt Perform at Raymond James Wipro (WIT) downgraded to Hold from Buy at ICICI Securities Others: Advanced Energy (AEIS) initiated with a Buy at Rosenblatt; tgt $98 Agree Realty (ADC) resumed with an Outperform at Robert W. Baird; tgt $80 Bill.com (BILL) initiated with a Buy at BTIG Research; tgt $125 Bill.com (BILL) initiated with a Buy at Guggenheim; tgt $115 BlackLine (BL) initiated with a Buy at BTIG Research; tgt $107 Coupa Software (COUP) resumed with a Neutral at BTIG Research Equifax (EFX) initiated with a Buy at Needham; tgt $200 Kura Sushi (KRUS) initiated with an Outperform at Daiwa Securities Ligand Pharma (LGND) initiated with an Overweight at Barclays; tgt $156 Lightspeed (LSPD) initiated with an Overweight at Barclays; tgt $40 Medallia (MDLA) initiated with a Buy at BTIG Research; tgt $37 Mercantil Bank (AMTB) initiated with a Neutral at Piper Sandler; tgt $11 MSCI (MSCI) initiated with an Outperform at Oppenheimer; tgt $416 Pluralsight (PS) initiated with a Neutral at BTIG Research Qiagen (QGEN) resumed with a Buy at BofA Securities; tgt $59 Upcoming Events: Econ Data: 08:30 ET: Trade Balance for August (Briefing.com Consensus -$66.2B; Prior -$63.6B) 10:00 ET: JOLTS - Job Openings for August (Briefing.com Consensus NA; Prior 6.618M) Asia & Europe detail: Asia: Nikkei +0.5%, Hang Seng +0.9%, Shanghai CLOSED Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note while markets in China remained closed for Golden Week. Australia's government unveiled its next budget, which calls for personal tax cuts and hiring credits to encourage youth employment. The Reserve Bank of Australia, meanwhile, left its cash rate at 0.25%, as expected. Bank of Japan Governor, Haruhiko Kuroda, said that the Japanese economy remains in a severe state. In economic data: South Korea's September CPI 0.7% m/m (expected 0.4%; last 0.6%); 1.0% yr/yr (expected 0.7%; last 0.7%) Australia's August trade surplus AUD2.64 bln (expected surplus AUD5.15 bln; last surplus AUD4.607 bln). Exports fell 4% m/m (last -4%) while Imports increased 2% m/m (last 7%) India's September Nikkei Services PMI 49.8 (expected 44.7; last 41.8) ---Equity Markets--- Japan's Nikkei: +0.5% Hong Kong's Hang Seng: +0.9% China's Shanghai Composite: CLOSED India's Sensex: -0.2% South Korea's Kospi: +0.3% Australia's ASX All Ordinaries: +0.5% ---FX--- USD/JPY: -0.1% to 105.63 USD/CNH: +0.1% to 6.7268 USD/INR: +0.5% to 73.43 Europe: DAX +0.2%, FTSE +0.1%, CAC 0.4% Major European indices trade near their flat lines while Spain's IBEX (+1.0%) outperforms. The European Commission will maintain the suspension of budget rules in 2021 to encourage fiscal spending. Italy's Health Ministry will announce new coronavirus-related measures tomorrow, but a general lockdown is unlikely to be ordered. Spain's furlough program is likely to be extended past January. In economic data: Germany's August Factory Orders 4.5% m/m (expected 2.6%; last 3.3%) U.K.'s September Construction PMI 56.8 (expected 54.0; last 54.6) ---Equity Markets--- STOXX Europe 600: UNCH Germany's DAX: +0.2% U.K.'s FTSE 100: +0.1% France's CAC 40: +0.4% Italy's FTSE MIB: +0.6% Spain's IBEX 35: +1.0% ---FX--- EUR/USD: UNCH at 1.1779 GBP/USD: -0.4% to 1.2924 USD/CHF: -0.1% to 0.9148