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The Dow Jones lost more than 200 points in the first five minutes today. Markets could finally be reflecting the economic devastation of the pandemic lockdown. The U.S. House of Representatives has pitched a potential $3 trillion stimulus package. More on this below.
Plus, Gilead Sciences Inc. (NASDAQ: GILD) just made progress on its COVID-19 treatment. Here's everything moving the Dow today.
First, the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
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Now, let's look at today's most important market events and stocks. We'll also discuss the stories that slipped under the radar of the mainstream financial press on Wednesday.
The Top Stock Market Stories for Wednesday
- The House Democrats have unveiled another massive coronavirus economic package that dwarfs previous spending efforts. The package provides significant relief for state and local governments that face budgetary concerns in 2020. In addition, it would provide a second round of direct payments of $1,200 per person and up to $6,000 per household. It boosts hazard pay for essential workers, boosts spending on testing, extends lofty unemployment benefits through January 2021, expands food stamp programs, and offers relief for the U.S. Postal Service. Senate Republicans suggested that the bill is dead on arrival at the Upper Chamber, but it could explore several provisions to help boost the economy.
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- Around the globe, Johns Hopkins reports 4.2 million cases of coronavirus, with the United States topping about 1.37 million cases. In recent days, we've seen a dramatic uptick in cases in Russia and Brazil. Meanwhile, Mexico set a new daily high for new cases as it confronts the virus. Dr. Anthony Fauci warned the Senate on Tuesday that reopening the economy will create a lot of problems around the United States.
- Gilead Sciences Inc. (NASDAQ: GILD) has been the subject of much attention due to its antiviral drug, remdesivir. The firm has now struck a deal with five generic medication producers to produce this drug in 127 nations outside of the United States. The company announced that the deal is royalty free until COVID-19 is controlled or "until a pharmaceutical product other than remdesivir or a vaccine is approved to treat or prevent COVID-19." The suppliers are Cipla, Ferozsons Laboratories, Hetero Labs, Jubilant Lifesciences, and Mylan.
Stocks to Watch Today: UBER, GRUB, LVS, CZR, WYNN, JCP
- In deal news, Uber Technologies Inc. (NYSE: UBER) has made an offer to take over GrubHub Inc. (NASDAQ: GRUB). The ride-sharing company is looking to purchase its rival to combine with its "Uber Eats" brand. However, media outlets report that the two companies have very different expectations of what the proper takeover price would be.
- Las Vegas Sands Corp. (NYSE: LVS) has canceled its plans for a casino in Japan. Without offering a reason, the firm simply walked away from what was previously considered a major market for expansion. Both Wynn Resorts Ltd. (NASDAQ: WYNN) and Caesars Entertainment Corp. (NYSE: CZR) had scrapped their plans for casinos in Japan in the past.
- J.C. Penney Co. Inc. (NYSE: JCP) has been one of the prime examples of how e-commerce battered brick-and-mortar retail across the United States. The company is on the brink of bankruptcy after a 12-year slump saw its market cap evaporate. The firm is reportedly seeking a $450 million debtor-in-possession loan that would be part of its bankruptcy filing this week.
Robert Herjavec: Indisputable Proof That Anybody Can Get Rich Through Angel Investing
When Neil Patel launched the Angels & Entrepreneurs Summit, he had only planned to invite a small group of guests to join him and guest "Shark" Robert Herjavec… but then Neil revealed something truly shocking.
During this clip (about halfway through the event), he reveals indisputable proof that anybody can transform their life through angel investing.
We knew we had to show this event to everyone – the information is just too valuable to keep under wraps.
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.