Dow Jones Sliding as Markets Prepare for Fed Chair Testimony Before Congress

The Dow Jones could take a dip today as investors await testimony from U.S. Federal Reserve Chair Jerome Powell before the House Financial Services Committee this afternoon. The testimony will center on the central bank and the Treasury Department's response to COVID-19.

Investors are also watching bank stocks today. More on this below.

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

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

The Top Stock Market Stories for Tuesday

• On Tuesday, investors will be paying close attention to bank stocks in the wake of the Federal Reserve's recent stress tests. JPMorgan Chase & Co. (NYSE: JPM), Bank of America Corp. (NYSE: BAC), Citigroup Inc. (NYSE: C), and Goldman Sachs Group Inc. (NYSE: GS) will maintain their dividend levels. However, Wells Fargo & Co. (NYSE: WFC), which remains under scrutiny by regulators and the central bank, will slash its dividend payout. The nation's banks will drop stock buybacks. However, dividends remain important barometers of bank health and investor interest. Wells Fargo has yet to announce an exact payout.

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• Meanwhile, the World Health Organization - which once said no evidence existed that COVID-19 could spread between humans - now says that the worst is yet to come and that the virus is speeding up around the world. Global cases surpassed 10.27 million last night, while the number of American cases approached 2.6 million. A number of governors across the country are delaying reopening plans for the American economy.
• Finally, I have said that the market is largely under-pricing the likelihood that former U.S. Vice President Joe Biden will win the 2020 election in November. Biden has yet to name a potential vice presidential candidate.

Stocks to Watch Today: MU, SPG, LULU

• Shares of Micron Technology Inc. (NASDAQ: MU) popped more than 5% after the semiconductor giant topped Wall Street earnings expectations before the bell. The firm topped earnings per share by $0.05, registering at $0.82 per share. The firm easily beat revenue expectations, and demand surged due to stay-at-home workers and students.
• Simon Property Group Inc. (NYSE: SPG) rallied this morning after the company announced it plans to open the five remaining properties that it had shuttered due to COVID-19. The mall operator said that a large number of tenants have reported stronger-than-expected sales since reopening from the economic shutdown.
• In deal news, Lululemon Athletica Inc. (NASDAQ: LULU) announced it is purchasing home fitness firm "Mirror" for $500 million. The yoga and athletic apparel giant views the deal as a major opportunity to enter the COVID-related jump in home fitness growth.
• In earnings news, look for reports from FedEx Corp. (NYSE: FDX), Conagra Brands Inc. (NYSE: CAG), NextGen Healthcare Inc. (NASDAQ: NXGN), Methode Electronics Inc. (NYSE: MEI), and Acuity Brands Inc. (NYSE: AYI).

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