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The Dow Jones today popped more than 300 points after Russian officials claimed they had developed the world's first vaccine for COVID-19. The S&P 500 is also back into record territory after Russian President Vladimir Putin said his nation had given regulatory approval for the drug.
More on everything moving the Dow today, 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, the number of U.S. cases was over 5 million this morning. Stocks that faced the worst effects of a COVID-19 shutdown rallied on the hope of a vaccine. Airline, cruise, and casino stocks all rallied. Goldman Sachs Group Inc. (NYSE: GS) hiked its economic outlook for the American economy and predicted an approved vaccine by the end of the year. Meanwhile, gold prices slumped more than 2.5% on the Russia speculation.
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- President Trump said he was considering an additional cut to capital gains taxes in an effort to create new jobs across the United States. The administration is also reportedly examining the possibility of a middle-class tax cut. Over the weekend, U.S. President Donald Trump broke the deadlock in Congress over a new COVID-19 economic stimulus by executive order. The orders included a payroll tax holiday, the deferment of student loan bills, and an additional $400 per week for unemployed Americans.
Stocks to Watch Today: UBER, LYFT, GOOS, T
- Shares of Uber Technologies Inc. (NYSE: UBER) and Lyft Inc. (NASDAQ: LYFT) were off this morning after a California judge ordered both ride-sharing companies to classify its drivers as employees in that state – instead of independent contractors. Such a classification would allow these drivers to obtain employee benefits, including the possibility of healthcare. The companies said they will appeal the decision, but it could be a major factor that increases their costs across the nation's most populous state.
- Canada Goose Holdings Inc. (NASDAQ: GOOS) is the latest consumer goods giant to report a negative impact of the COVID-19 crisis on their brand. This morning, the outerwear firm reported a smaller-than-expected loss for the quarter. It also beat revenue expectations. However, the firm noted that it anticipates a sharp decline in annual revenue in 2020 due to the impact of COVID-19 on consumer spending. Shares of GOOS were off 5.5% this morning.
- Shares of AT&T Inc. (NYSE: T) were flat after the company announced plans to lay off roughly 600 people at HBO and Warner Brothers due to a sharp decline in revenue. The company's CEO, Jason Kilar, recently announced a big change at the top of the organization, with three executives departing the organization. The company plans to place a higher priority on the development of its HBO Max streaming platform.
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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.