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Formula 1 technology on public transport

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McLaren Applied Technologies, the innovation and research arm of super-car maker McLaren, is looking to apply Formula 1 technology to Singapore’s subway.

The British firm, which has long provided analytics for the international racing series, is focused on solutions for global motor sports, automotive, health and transport sectors, according to Chief Operating Officer Celia Gaffney.

Speaking to CNBC’s Dan Murphy on the sidelines of Innovfest Unbound, an annual technology conference, Gaffney explained how Singaporean public transport operator SMRT could benefit from McLaren’s expertise.

“We’re adapting some of the loggers and sensors that we use on the F1 side of the business, looking at how we can put them on parts of the SMRT train fleet and then capturing that data, help them anticipate, simulate and predict when there might be failures.”

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Dow futures fall 100 points after U.S. coronavirus cases surge to record high

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Certified nursing assistant (CNA) Jermaine LeFlore prepares to take a patient’s nasal swab at a drive-thru testing site outside the Southside Health Center as the coronavirus disease (COVID-19) outbreak continues in Milwaukee, Wisconsin, U.S., October 21, 2020.

Bing Guan | Reuters

Futures tied to major U.S. equity benchmarks traded lower in overnight trading Sunday as Wall Street headed for the last full trading week ahead of Election Day.

Dow Jones Industrial Average futures dipped about 100 points, indicating a loss of 140 points at Monday’s open. The S&P 500 futures and the Nasdaq 100 futures both fell 0.4%.

The decline in futures came amid a record surge in new coronavirus cases in the U.S. The country saw more than 83,000 new infections on both Friday and Saturday after outbreaks in Sun Belt states, surpassing a previous record of roughly 77,300 cases set in July, according to data from Johns Hopkins University.

White House chief of staff Mark Meadows said Sunday that the U.S. will not get control of the pandemic amid the surge in new cases. Vice President Mike Pence’s chief of staff and three aides tested positive for coronavirus, but his office said he will not quarantine himself.

This week marks the last week of October and the final trading period before Nov. 3. Major averages are on track for modest gains for the month, with the S&P 500 and the Nasdaq both rising more than 3% so far. The 30-stock Dow is up about 2% this month.

“Based on the action in the stock market we’ve seen over the past two weeks, it seems to us that it will take some serious new-news to fuel a significant decline over the next week and a half,” Matt Maley, chief market strategist at Miller Tabak, said in a note on Sunday.

Former Vice President Joe Biden maintains a sizable lead over President Donald Trump in national polls, although the gap has narrowed slightly as of late.

Traders will keep their eyes peeled for a raft of Big Tech and blue-chip corporate earnings as well as key economic data this week. Apple, Facebook, Alphabet, Amazon, Boeing and Caterpillar all report later in the week, while the first look at third quarter GDP is due on Thursday.

The Dow and the S&P 500 are coming off their first losing week in four as talks over the next coronavirus stimulus package dragged on. Treasury Secretary Steven Mnuchin said Friday that House Speaker Nancy Pelosi is “still dug in” on a number of issues in the aid deal.

The benchmark 10-year Treasury yield jumped to a four-month high of 0.84% last week, sparking a rally in bank stocks.

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Four aides test positive for Covid-19

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U.S. Vice President Mike Pence, stands with his wife, Karen, after casting his ballot for the upcoming election at a polling station in Indianapolis, Indiana, U.S. October 23, 2020.

Bryan Woolston | Reuters

Vice President Mike Pence will not quarantine himself despite several of his aides testing positive for coronavirus, his office said.

Pence’s chief of staff Marc Short is isolating after testing positive on Saturday, Devin O’Malley, a spokesman for the vice president, said in a statement. A senior political advisor to the vice president, Marty Obst, and two other aides also tested positive, according to NBC News.

O’Malley said in a statement issued late on Saturday that Pence and second lady Karen Pence both tested negative and “remain in good health.”

Pence is expected to hold a rally in Kinston, North Carolina later on Sunday. The battleground state is neck-and-neck with state polls on average showing Democratic nominee Joe Biden ahead by just over one percentage point.

“While Vice President Pence is considered a close contact with Mr. Short, in consultation with the White House Medical Unit, the Vice President will maintain his schedule in accordance with the CDC guidelines for essential personnel,” O’Malley said in the statement.

White House chief of staff Mark Meadows declined to say how many individuals connected to the vice president’s office have tested positive when pressed by CNN’s Jake Tapper on Sunday morning.

Meadows said that he would not disclose personal information “unless it’s the vice president or the president, or someone that’s very close to them where there’s people in harms way.”

The cluster of cases near the vice president comes at a perilous time politically.

The election between President Donald Trump and Biden, the former vice president, will take place in nine days. Trump was hospitalized for Covid-19 earlier this month, but has since said he recovered.

On Monday, Pence is expected to be on the Senate floor for the confirmation of Judge Amy Coney Barrett to the Supreme Court. At a rally in Tallahassee on Saturday evening, Pence said he “wouldn’t miss that vote for the world.”

Barrett’s confirmation, now seemingly assured, was put in jeopardy after three Republican senators contracted the virus.

Two of those lawmakers — Sen. Mike Lee of Utah and Sen. Thom Tillis of North Carolina — attended Barrett’s White House nomination ceremony last month, which was later connected to at least eight cases.

Pence, who is 61, is at elevated risk for severe illness from Covid-19 because of his age. The Centers for Disease Control and Prevention says the greatest risk is to those 85 and older.

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China’s electric car strategy’s implications for U.S. energy security

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