What to watch today: Dow set to bounce after sinking over 410 points

Dow futures pointed to a bounce at this morning's open, one day after the 30-stock average saw a late-session acceleration in losses to close off 410 points or 1.4%. The S&P 500 fell 1.6%. The Nasdaq lost nearly 1.7%, extending its losing streak to five sessions. The Dow and S&P 500 snapped three down days in a row with gains Friday. (CNBC)

Heading into the new trading day, third-quarter earnings reports and talks between House Speaker Nancy Pelosi and White House officials on additional coronavirus stimulus have dominated investor attention. Netflix and Snap are set to report quarterly results after Tuesday's market close. (CNBC)

Three Dow stocks are out with earnings, beginning with Travelers Companies (TRV),whose shares jumped 3% in premarket trading. The property and casualty insurer beat estimates with adjusted third-quarter per-share earnings of $3.12 and revenue of $7.77 billion. (Reuters)

Shares of Procter & Gamble (PG) rose 1.7% in the premarket after the consumer products giant Tuesday morning reported better-than-expected adjusted fiscal first-quarter earnings of $1.63 per share. Revenue, which also best estimates, rose 9% to $19.32 billion, fueled by demand for its cleaning and laundry products during the coronavirus outbreak. P&G also raised its sales outlook for fiscal 2021. (CNBC)

After the bell Monday, IBM (IBM) reported adjusted third-quarter earnings of $2.58 per share, matching forecasts. While revenue of $17.56 billion slightly beat estimates due to higher demand for cloud services, sales did decline for the third straight quarter. IBM also declined to issue fourth-quarter outlook due to pandemic-related uncertainty. Shares fell 3% in premarket trading. (CNBC)

IN THE NEWS TODAY

With Pelosi's 48-hour deadline for a coronavirus relief deal before the Nov. 3 election about to expire, the California Democrat and Treasury Secretary Steven Mnuchin plan to speak again Tuesday. The speaker's office said Monday that Pelosi and Mnuchin have made some progress in recent negotiations. House Democrats most recently passed a $2.2 trillion bill, while the White House has put forward a nearly $1.9 trillion proposal. (CNBC)

Senate Republicans, who want a much smaller aid package than what's under discussion, could oppose any possible Pelosi-Mnuchin agreement. The Senate is expected to vote Tuesday on a stand-alone Paycheck Protection Program funding bill ahead of a planned vote as soon as Wednesday on a roughly $500 billion overall Covid-19 stimulus measure.

President Donald Trump holds a rally in the battleground state of Pennsylvania on Tuesday evening. He's expected to be joined by first lady Melania Trump, who like her husband has recovered from Covid. The president pulled off a slim upset victory in Pennsylvania in 2016 and his reelection hopes may hinge on whether he can do it again. (CNBC)

The new rules are out for the final presidential debate on Thursday night in Nashville, Tennessee. To avoid a repeat of the chaotic first debate between Trump and Biden, the candidates' mics will be alternately muted so each can speak uninterrupted for two minutes at the beginning of every 15-minute debate segment. (CNBC)

Moderna (MRNA) CEO Stephane Bancel told a Wall Street Journal conference the drugmaker's Covid vaccine candidate could receive emergency use authorization from the FDA in December, depending on results expected next month from its large clinical trial. In addition to Moderna, Pfizer, and AstraZeneca, among others, are racing to develop coronavirus vaccines.

* UK taps Open Orphan to explore vaccine trials that infect volunteers with coronavirus (CNBC)
* Dr. Scott Gottlieb: U.S. about ‘a week away from a rapid acceleration’ of coronavirus cases (CNBC)

The Justice Department will file an antitrust lawsuit Tuesday alleging that Alphabet's (GOGGL) Google engaged in anticompetitive conduct to preserve monopolies in search and search-advertising that form the cornerstones of its vast conglomerate, according to senior DOJ officials who spoke to The Wall Street Journal.

STOCKS TO WATCH

Logitech (LOGI) earned $1.87 per share for its latest quarter, well above the 57 cents a share estimate. Revenue exceeded expectations by a wide margin as well. The increase in remote work and education helped drive sales of Logitech's computer peripheral devices like mice and keyboards. The shares soared 17% in premarket trading.

Lockheed Martin (LMT) earned $6.25 per share for its latest quarter, beating the $6.09 a share consensus estimate. Revenue also came in above forecasts on improved aeronautics sales. Lockheed Martin also raised its full-year forecast.

Supermarket chain Albertsons (ACI) reported quarterly earnings of 60 cents per share, more than double estimates. Revenue was also beat expectations, helped by a 243% surge in digital sales.

PPG Industries (PPG) beat estimates by a penny a share, with quarterly profit of $1.93 per share. The paint and coatings maker's revenue also came in above forecasts. PPG saw a double-digit decline in its aerospace business, a flat performance for automotive, and an increase in architectural coatings.

Philip Morris (PM) beat estimates by 6 cents a share, with quarterly earnings of $1.42 per share. Revenue was above estimates as well, helped by a jump in sales of its IQOS electronic cigarette system. Philip Morris also raised its full-year forecast.

UBS (UBS) saw its quarterly profit double, driven by strong investment banking and a boost in profit from its wealth management division. The Swiss bank also set aside $2.5 billion for potential dividends and stock buybacks.

Goldman Sachs (GS) has agreed to pay more than $2 billion to resolve a Justice Department probe into its role in a scandal involving Malaysian sovereign investment fund 1MDB, according to a Bloomberg report. Goldman had agreed to pay $3.9 billion to Malaysia in September, in return for having criminal charges dropped.

Starboard Value boosted its stake in ACI Worldwide (ACIW) to 9%, according to a Securities and Exchange Commission filing. That was up from a 1.77% stake in the payment systems company at the end of the second quarter.

Intel (INTC) is selling its flash memory manufacturing business to South Korea's SK Hynix for about $9 billion. Intel had been considering exiting that business as flash memory prices have dipped.

Parsley Energy (PE) is in talks to be acquired by rival oil and gas producer Pioneer Natural (PXD), according to The Wall Street Journal. The two sides are said to be discussing an all-stock deal that could be completed by the end of October.

Brookfield Asset Management (BAM) is exploring the sale of its life-sciences real estate portfolio and seeking about $3 billion, according to a Bloomberg report.

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