The Dow Jones continues to rebound on coronavirus stimulus measures worldwide. The S&P 500 is now back within range of 2,800. Investors continue to ignore broader economic concerns about unemployment, potential bank defaults, and a massive economic downturn.
More on these events below.
First, here are the numbers from Monday for the Dow, S&P 500, and Nasdaq:
Index
Previous Close
Point Change
Percentage Change
Dow Jones
22,679.99
1,627.46
7.73
S&P 500
2,663.68
175.03
7.03
Nasdaq
7,913.24
540.15
7.33
Now, here are the most important market events and stories that I'm following today.
The Top Stock Market Stories for Tuesday
Yesterday, U.S. President Donald Trump expressed optimism that the world faced a "tremendous light at the end of the tunnel." During a press conference, Trump extended the message of WHO officials who have praised global research efforts to develop new treatments and vaccines to treat the coronavirus. That said, New York as a hot spot could still be upwards of a month away.
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Johns Hopkins University reported that global cases topped 1.34 million, with nearly 75,000 deaths tied to coronavirus. Spain announced that its daily death rate increased again, while leaders around the world are monitoring the health condition of the United Kingdom's Prime Minister, Boris Johnson. The PM contracted coronavirus and now remains in intensive care attempting to survive as his conditions deteriorate. Meanwhile, Japan declared a state of emergency this week and announced a new stimulus package worth nearly $1 trillion.
Oil prices are ticking a bit higher this morning as markets hope for a production cut later this week from OPEC and Russia. Crude oil had been in retreat on Monday after the two sides delayed a critical meeting to discuss a reduction of roughly 10 million barrels per day in global output. Crude has remained very subdued thanks to a massive demand shock from the spread of coronavirus. OPEC and Russia are set to meet on Thursday to discuss production cuts, but one caveat exists. Reuters reports that all parties want the United States to take part in a production cut as well to help support prices.
Stocks to Watch Today: BA, WBA, ABT, MMM
Shares of Boeing Inc. (NYSE: BA) fell again on news that the company had temporarily closed another production facility. The firm said it has temporarily stopped all production of its 787 aircraft in South Carolina. The company will allow some workers to operate remotely. However, those who cannot must use paid time off or file for unemployment benefits.
Walgreens Boots Alliance Inc. (NYSE: WBA) has announced plans to open 15 new drive-thru testing sites for coronavirus in seven states. The pharmacy chain will open these facilities in coronavirus hot spots in Arizona, Florida, Illinois, Kentucky, Louisiana, Tennessee, and Texas. The company said it will use a test developed by Abbott Laboratories (NYSE: ABT), according to a press release.
Shares of 3M Co. (NYSE: MMM) stock are in focus after the company agreed to bring 166.5 million masks to the United States to help combat coronavirus. According to reports, Chinese authorities had stopped 3M and a number of other manufacturers from being able to bring products back to the United States during the local outbreak of coronavirus in Wuhan. The White House and 3M were in a very public battle this week over the firm's ability to ramp up production of its masks.
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.