Oracle Wins TikTok Bid, Biden Maintains Lead in Polls

S&P 500 Evaluation, TikTok Sale to Oracle, 2020 Election, US-China Rigidity – Speaking Factors

• TikTok rejects Microsoft’s supply, sides with Oracle. The place do US-China relations stand?
• Biden-Trump unfold continuesto favor the previous as each side battle for swing states
• S&P 500 evaluation: SPX indexis buying and selling at February swing-high – what occurs now?

50 DAYS UNTIL THE US PRESIDENTIAL ELECTION

We’re on the official 100-day midpoint earlier than the 2020 US presidential election, and polls are displaying an more and more favorable outlook for Democratic nominee Joe Biden. Within the normal election, the previous Vice President continues to take care of his lead over US President Donald Trump. The important thing development to look out for will even be how every candidate performs in swing states.

2020 US Election Polls

Supply: FiveThirtyEight

In line with Politico, various swing states stay up within the air. The race for victory in these key states between Biden and Trump is tightening forward of the primary presidential debate on September 29. An important and well-known one is Florida. Not solely does it maintain the third most electoral votes however each candidate that received this state has gone to the White Home since 1992.

Supply: Politico

On the time of writing, the Biden-Trump unfold for Florida is roughly three p.c with about 49% supporting the previous and 46% for the latter. Not solely by coincidence, that is additionally the state the place – thus far – every candidate has spent essentially the most in TV advert cash with the Biden marketing campaign placing a whopping $30 million and Trump’s marketing campaign placing $20 million.

TikTok Rejects Microsoft, Goes With Oracle

After intense deliberations, ByteDance’s social media spawn TikTok has agreed to accomplice up with tech-giant Oracle, rejecting Microsoft’s bid. Oracle will now function TikTok’s expertise accomplice and can handle consumer knowledge amid considerations from the Trump administration that customers’ info is being harnessed by China’s Communist Celebration.

Given Oracle’s previous of working with the CIA, Navy Intelligence amongst a slew of different high-security companies, it made extra sense to go along with them relatively than Microsoft. TikTok and Oracle shall be working in a partnership relatively than it being a direct sale and acquisition of the previous to the latter.

Nevertheless, with stricter Chinese language legal guidelines on expertise exports – particularly concerning synthetic intelligence – Oracle’s management over TikTok could also be considerably restricted. From a macroeconomic, geopolitical perspective, the partnership is a much-welcomed growth in US-China relations, although it’s unlikely this small ray of solar will thaw the glacier of points that lie in wait.

S&P 500 Evaluation

Since topping in early September, the S&P 500 index (SPX) has skilled what seems to be a corrective pullback and is buying and selling slightly over 5 p.c down from record-highs. The sharp decline resulted within the invalidation of the March uptrend that not solely survived the June 11 pullback however has carried the S&P 500 over 60 p.c because the March lows.

S&P 500 – Day by day Chart

S&P 500 chart created utilizing TradingView

Trying forward, the subsequent main hurdle to clear shall be a key inflection level that marked the earlier all-time excessive earlier than shares cratered in mid-February at 3393.5 The benchmark has stalled round this stage earlier than in early August. Clearing it once more with follow-through might trigger bears to retreat to their caves and bulls to blast the pen open.

— Written by Dimitri Zabelin, Forex Analyst for DailyFX.com

To contact Dimitri, use the feedback part beneath or @ZabelinDimitrion Twitter