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Stock futures struggle for direction as bank earnings come in mixed

Stock futures struggle for direction as bank earnings come in mixed

Stock futures traded flat to slightly lower Wednesday morning, as a host of major banks released their quarterly results.

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Goldman Sachs (GS) on Wednesday reported third-quarter results that well exceeded consensus estimates, as investment banking and fixed income trading revenue each grew over last year and topped expectations. The trading boost Goldman Sachs and other banks including JPMorgan Chase and Citigroup but it did not extend to Bank of America (BAC), which posted lighter-than-expected trading revenue from stocks and bonds, and a miss on overall revenue compared to estimates. Bank of America also built its credit reserves during the quarter, adding more padding in case of potential customer loan defaults amid the pandemic.

Meanwhile, lackluster prospects for more stimulus and concerns over the timeline for developing a COVID-19 vaccine and treatment weighed on investors. Each of the S&P 500, Dow and Nasdaq declined for the first time in five sessions as of Tuesday’s close.

An impasse among U.S. lawmakers in Washington has kept hopes running low that more virus relief aid will come to fruition before the November election. Senate Majority Leader Mitch McConnell said Tuesday he will have the Senate take up relief legislation after the chamber’s return on Monday, with his narrower proposal set to include funds chiefly targeted to the Paycheck Protection Program. House Speaker Nancy Pelosi, however, has rejected slimmed-down stimulus proposals and deemed them inadequate, and even President Donald Trump said on Tuesday on Twitter to “Go big or go home!!!” for more stimulus.

Meanwhile, a pair of front-runners in the race to develop a COVID-19 vaccine and treatment announced that their respective trials were put on pause over safety concerns. Eli Lilly (LLY) said Tuesday afternoon that enrollment for its COVID-19 treatment would be temporarily halted, less then a day after Johnson

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Indoor Valley music venues struggle during pandemic, but event organizers get creative | Coronavirus in Arizona

Indoor Valley music venues struggle during pandemic, but event organizers get creative | Coronavirus in Arizona

PHOENIX, AZ (3TV/CBS 5) — October was supposed to be one of the busiest months for local music venues, but the music has stopped for most venues here in the Valley. Some are struggling to keep their doors open as others are getting creative with bringing concerts to the Phoenix area. 

Like most music venues, The Rebel Lounge is quiet and closed. There’s been no live music since March. “In the light of COVID, I don’t know how to do a concert safely, you know. Until there’s a vaccine, I don’t know how you can do the concert,” said Rebel Lounge owner and vice president of National Independent Venue Association, Stephen Chilton. Chilton said last year, he had 600 concerts. This year, he had only 75. “I don’t think there’s an industry harder hit, we are at zero percent revenue for six months,” said Chilton. 

Meanwhile, some event planners are getting into the music scene. “We are a reaction to COVID,” said Bob Bentley with Thompson Event Center and Digital Drive-In. They turned their drive-in movie lot into a drive-in concert.



Beach Boys among 'car concert' series offered by Arizona State Fair

Think of it as a live concert meets a drive-in movie.

Bentley hopes to do a concert on Halloween after their summertime shows were marred by the heat. “I think for us, we want to stay CDC-compliant. We want everyone to be healthy, so lets social distance, lets bring your cars and lets go old school,” said Bentley. 

Meanwhile, indoor venues like The Rebel Lounge don’t have the capabilities for drive-in concerts. “We produce mass gatherings and that’s the least safe thing right now,” said Chilton. Now, NIVA has a Save Our Stages campaign, urging lawmakers to give financial assistance to venues in the next coronavirus relief package. “There’s no way all of these venues are going

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