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The Dow Jones Industrial Average could be in for another dramatic week as the coronavirus spreads across the United States.
There is speculation that the U.S. Federal Reserve may consider unprecedented actions to support U.S. companies, including the purchase of stocks. More on what's moving the Dow today, below.
Here are the numbers from Friday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
Now here are what I think will be the most important market events and stocks on Monday morning.
The Top Stock Market Stories for Monday
- The Trump administration has announced it will extend social distancing guidelines through April 30 in an effort to flatten the contraction curve. The administration aims to keep the expected death toll under 100,000. Johns Hopkins University said on Sunday night that it has confirmed 713,000 coronavirus cases around the world. The U.S. is the leading world with cases surpassing 136,000. About 50% of all U.S. cases are in New York, where 59,000 cases have been reported.
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- Oil prices plunged again this morning as concerns about demand weigh on global sentiment. WTI crude slumped 5.8% to hit $20.25 per barrel. Meanwhile, Brent crude slumped 5.6%. Despite the stimulus efforts in Washington, the world is currently awash in crude oil due to the global outbreak. In addition, there appears to be very little progress in talks between Russia and OPEC to cut production and help support global prices.
- The next domino to fall could be the commercial real estate market. Last week, Taubman Centers Inc. (NYSE: TCO), a large real estate investment trust, sent a letter to tenants stating that they still needed to pay rent in April despite the coronavirus spread and closure of stores. Taubman noted that it still has its own obligations to pay utilities companies and mortgage lenders. The standoff between landlords and tenants is going to be a major story to watch. Last week, Cheesecake Factory Inc. (NASDAQ: CAKE) announced that it would not be paying rent in April, a decision that will likely set a precedent for a number of other restaurants and retail firms.
Stocks to Watch Today: JEF, AMZN
- Peg Broadbent, the CFO of Wall Street firm Jefferies Financial Group Inc. (NYSE: JEF), passed away at the age of 56 due to the coronavirus. The Financial Times reported over the weekend that Broadbent was in good health prior to contracting the virus. Broadbent is the first senior executive of a Wall Street firm known to have died due to the disease.
- Shares of Amazon.com Inc. (NASDAQ: AMZN) are in focus on news that employees at its Staten Island warehouse are striking. The employees are seeking better protections as the coronavirus expands across the country. Employees are increasingly concerned about coming to work with cases surging across New York State.
- Look for earnings reports on Monday from Restoration Hardware Holdings Inc. (NYSE: RH), Cal-Maine Foods Inc. (NASDAQ: CALM), and China Yuchai International Ltd. (NYSE: CYD).
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.