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The Dow Jones now could see some correction after strong gains to start the week. The S&P 500 has bounced back from its COVID-19 downturn in March. The index is now just 3% lower than where it sat on its all-time high on Feb. 19.
With COVID-19 cases reaching 4.71 million, Congress struggles to agree on a stimulus plan. More on this below.
Here are the numbers from Monday 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 Tuesday
- On the coronavirus front, U.S. President Donald Trump has dismissed the idea of shutting down the U.S. economy again due to the pandemic. Trump said, "A permanent lockdown is not a viable path forward" and "would ultimately inflict more harm than it would prevent." This morning, Johns Hopkins University said that total cases in the United States have reached 4.71 million, while the death count has topped 155,000.
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- This morning, leaders in Washington, D.C., remain divided on the next possible stimulus bill to address the economic slump that America is facing. During the second quarter, GDP slipped by more than 32%, according to a reading by the Commerce Department. Democrats and Republicans are currently debating supplemental unemployment benefits. The additional $600 that American workers received each week expired last Friday.
- Meanwhile, gold prices are knocking on the door of $2,000 per ounce. The price of gold reached record highs on Monday due to concerns about the pace of the economic recovery. Despite a positive read on European manufacturing data, gold continues to climb as investors seek a hedge against a sliding U.S. dollar and other fiat currencies around the world. Silver is currently trading higher at $24.46 per ounce.
Stocks to Watch Today
- Chinese media is criticizing the United States after leaders gave Microsoft Corp. (NASDAQ: MSFT) permission to purchase social media site TikTok. The editor of Global Times equated the deal to "an open robbery" and called the United States a "rogue country" due to the deal. The Trump administration had previously said it planned to ban TikTok due to data privacy concerns.
- Shares of Take-Two Interactive Software Inc. (NASDAQ: TTWO) popped more than 4.5% this morning after the video game producer crushed earnings expectations. The company said its profits doubled during the second quarter as more Americans stayed home and played video games. Sales also doubled during Q2. Take-Two is the company behind the popular video game franchises NBA 2K and Grand Theft Auto 5.
- Shares of Vornado Realty Trust (NYSE: VNO) rallied 4% after social media giant Facebook said it will lease 730,000 square feet in the company's landmark Farley building in Manhattan. Reports did not disclose the financial terms of the deal. However, the news is positive for the real estate investment trust given concerns about corporate firms staying and leasing in Manhattan.
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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.