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Pre-Market Primer: Stocks Flat Ahead of US Election; Greek Parliament Holds Critical Vote

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And China is probably not going to be changing much for another 10 years.

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MINYANVILLE ORIGINAL With one day left before the US general election, stock futures are hardly changed.
Before the opening bell, Dow (INDEXDJX:.DJI) futures were up 0.02% to 12,993.00, S&P 500 (INDEXSP:.INX) futures dropped 0.05% to 1,405.80. Nasdaq (INDEXNASDAQ:.IXIC) fell 0.01% to 2,640.75.
Economists estimate that the ISM non-manufacturing index, due to be released at 10:00 a.m. EST, will show that the US service sector grew at a faster pace in October. The index is expected to rise to 55.1 from 54.9. Readings greater than 50 indicate an expansion of activity in the sector.
The Greek Parliament is holding a critical vote on labor reforms that are necessary to secure more aid. The bill will make privatization of public utilities possible and reform the country's pensions. The risk of a negative vote is very real, and Greece will probably run out of cash completely on Nov. 16 without more help from the troika. Utilities workers are on strike ahead today to protest the vote.
The euro dipped to one-month lows to $1.28 today. With all of the uncertainty in Europe, investors ran to the safety of bunds. German two-year bond yields fell to negative 0.01%. This means that investors are effectively paying for the pleasure of loaning Germany some money for two years.
Toyota (NYSE:TM) beat expectations with a $3.2 billion profit, a 70% rise from last year, when the company was still recovering from the earthquake's damage. Revenue rose only 18%, but the automaker pushed to cut costs to offset the uncompetitive state of the yen.
Time Warner Cable (NYSE:TWC) net profit almost doubled to $808 million, or $1.43 per share, missing estimates by $0.02. Shares fell about 1% in the pre-market after the announcement.
Tesla Motors (NASDAQ:TSLA) shares rose over 4% in the pre-market after posting a smaller-than-expected loss of $1.05 per share on $50.1 million in revenue.
China is preparing for its once-in-a-decade changing of the guard, and those hoping for change might be seriously disappointed. The South China Morning Post reports that the new Politburo will be filled mostly with old guard conservatives.
Reuters reports that US gasoline prices have fallen to the lowest in four years. The average price for a gallon of regular gasoline has fallen to $3.545, down $0.2075 from October 19. In California, the pump price dropped by $0.49
Twitter: @vincent_trivett
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
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