Dow Jones Opens with 100-Point Gain as U.S. Economy Reopens

The Dow Jones gained more than 100 points this morning as the U.S. carries on reopening its economy. Oil prices continued to rise as Saudi Arabia announced its intentions to reduce production. Gold prices also pushed higher as concerns about a second wave of COVID-19 increased over the last 24 hours.

More on these events moving the Dow today, below. Plus: Read how the Fed will go to unprecedented lengths to combat the economic impact of the pandemic…

Here are the numbers from Monday for the Dow, S&P 500, and Nasdaq:

Here are the most important market events and stories that I'm following right now.

The Top Stock Market Stories for Tuesday

• On Tuesday, we'll learn more about corporate plans to reopen the U.S. economy. While company executives are increasingly optimistic about the plans, Dr. Anthony Fauci plans to warn the U.S. Senate that we might face a second wave of coronavirus. According to Johns Hopkins University, the number of global cases topped 4.1 million on Tuesday. In the United States there are now 1.3 million cases.

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• Economists around the globe are looking for clues into the impact of the COVID-19 outbreak. According to KfW state development bank, the German economy saw a 20% to 25% contraction for a few weeks due to COVID-19. The bank believes that Germany's economy – the largest in the European Union – saw its lowest point in April. Barring a second wave of infections, the economy could bounce back strongly in Q2 and Q3.
• Finally, the U.S. Federal Reserve is moving into uncharted territory. The U.S. central bank will start purchasing corporate debt ETFs on Tuesday. The Secondary Market Corporate Credit Facility will purchase debt directly from issuers. Congress had dedicated about $454 billion to backstop Fed loans in March.

Stocks to Watch Today: TSLA, SPG, HTZ

• Tesla Inc. (NASDAQ: TSLA) is in focus this morning as the company prepares to reopen production in California. CEO Elon Musk vowed to restart production and defy the state's social distancing order. Musk is on the record calling the shutdown "fascist" and has publicly feuded with officials about their orders.
• Shares of Simon Property Group Inc. (NYSE: SPG) are in focus as the mall operator prepares to reopen about 50% of its properties over the next week. The firm has experienced about a 20% drop in net income due to COVID-19. It is also facing a big bill for its planned purchase of Taubman Centers Inc. (NYSE: TCO), a major player in the outlet industry.
• Shares of Hertz Global Holdings Inc. (NYSE: HTZ) were off more than 5% after the company hinted that it might be facing bankruptcy. The company has tried to reduce costs and avoid defaulting on its debts. However, the firm's CEO said that the COVID-19 pandemic has dramatically impacted its business. The firm is trying to extend debt payment deadlines and establish a financing plan to prevent a bankruptcy.

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Garrett Baldwin

About the Author

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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.

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