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Dow Jones today could bounce back after a volatile session, especially in FAANG stocks. Meanwhile, earnings reports form Peloton Interactive Inc. (NASDAQ: PTON) and Oracle Corp. (NYSE: ORCL) could provide an additional boost.
More on what's moving the Dow Jones now, below.
Here are the numbers from Thursday for the Dow, S&P 500, and Nasdaq:
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Now here are what I think will be the most important market events and stocks on Friday morning.
Top Stock Market Stories for Monday
- This morning, Wall Street is shrugging at Washington's latest failed effort to extend small business and taxpayer relief around COVID-19. Yesterday, the Republican-led Senate failed to deliver on a new stimulus bill that would have capped additional unemployment benefits at $300 per week. Only 52 senators voted for a scaled-down stimulus bill. The Senate requires 60 votes. This new bill did not include a second $1,200 payment to Americans. It also didn't involve money for states to help address food aid, money for mortgages, or other priorities among Democrats.
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- COVID-19 cases are on the rise again. The U.S. reported 35,200 new cases on Thursday, a figure that is the highest since Sept. 5. Experts suggest that the Labor Day Weekend was responsible for a new uptick in cases. According to Johns Hopkins University, U.S. cases surpassed 6.39 million on Thursday, while the death toll surpassed 192,000. Meanwhile, on the global front, Israel is on the verge of a nationwide lockdown for the second time.
- Finally, we remember the victims of 9/11 this morning. It has been 19 years since the worst terrorist attack on American soil. At 9:20 this morning, both the New York Stock Exchange and the Nasdaq had a moment of silence for the victims.
Stocks to Watch Today: PTON, ORCL, CHWY
- Shares of Peloton Interactive Inc. (NASDAQ: PTON) were up on news that the company crushed earnings expectations – largely due to COVID-19. The "workout from home" movement saw PTON crush earnings expectations after the bell on Thursday. The firm reported earnings of $0.27 per share, a figure that blew expectations out of the water. Analysts had projected earnings of $0.10. The firm also beat revenue expectations. This was the first quarter ever that Peloton was profitable. Sales surged more than 172% compared to the same period in 2019.
- Shares of Oracle Corp. (NYSE: ORCL) popped 4.6% after the firm beat expectations. The firm reported EPS of $0.93, which was well ahead of the $0.07 forecast by Wall Street. The work-from-home movement combined with rising demand for cloud-based solutions helped the company also top revenue expectations.
- Finally, shares of Chewy Inc. (NYSE: CHWY) were off 2% after the online pet supply company reported earnings. Although the firm reported a loss of $0.08, the figure was about half of what Wall Street analysts had expected. The firm said that it added more new clients during the first half of 2020 than it did during all of 2019.
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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.