Dow Jones Today Hurting Despite Potential $2.4 Trillion Stimulus

The Dow Jones today is taking another loss despite the latest news from the U.S. House of Representatives. According to various reports, House Democrats are working on a potential $2.4 trillion stimulus package that includes extended unemployment aid and direct payments to Americans.

More on this, and everything else moving the Dow today, below.

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

Now here are what I think will be the most important market events and stocks on Friday morning.

The Top Stock Market Stories for Monday

• COVID-19 cases have topped 6.93 million across the United States, while the death toll is on the verge of topping 202,000, according to Johns Hopkins University. This morning, surprise speculation has emerged that Congress might be willing to pass a massive stimulus package to help boost the U.S. economy. Reports indicate that House Democrats are moving on a $2.4 trillion package, which is still much larger than what the Republican-led Senate is seeking in a deal. The new bill would be far less than the previous bill worth $3 trillion that was recently passed. The GOP Senate is pushing for a $1 trillion package.

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• Meanwhile, the markets are still reeling from a steep sell-off in the tech sector that has pummeled some of the industry's top companies. Apple Inc. (NASDAQ: AAPL) shares are up. However, they remain off nearly 20% from their recent all-time closing high at the start of the month. The Dow is looking at yet another weekly loss as investors continue to flee for the exits. Investors remain concerned about the upcoming election, the potential for a second large wave of COVID-19, uncertainty around the Supreme Court, and reduced expectations for the economy heading into the fourth quarter.
• Finally, gold prices are back under $1,900 per ounce as the U.S. dollar continues to edge higher against commodities and a basket of common currencies like the Euro, British Pound, Aussie Dollar, and Loonie. The dollar is on pace to have its best week in six months as hedge funds continue to cover short positions and more investors turn to cash during the ongoing September selloff. The market had largely ruled out a rally in the dollar in recent months, with large funds holding their largest short position against the dollar since 2011. Today, the Commitment of Traders report at the CFTC will provide greater insight into hedge funds' positions in the world's reserve currency.

Stocks to Watch Today: NVAX, COST, WMT

• Shares of Novavax Inc. (NASDAQ: NVAX) are on the move this morning after the biotech company announced it has entered phase 3 trials across the United Kingdom. The company said that the new trial will last at least four to six weeks and comprise work with up to 10,000 patients.
• Shares of Costco Corp. (NASDAQ: COST) fell as much as 3% after the company reported earnings Thursday. The firm reported earnings per share of $3.04, a figure that beat consensus expectations by $0.20. The firm also topped revenue expectations by reporting nearly $53.38 million. The company reported that consumers maintained strong discretionary spending levels despite the COVID-19 outbreak.
• Finally, Walmart Inc. (NYSE: WMT) shares are in focus as the company offers an update on its Walmart-Plus platform. The company said it plans to add at least 10 million members by the end of 2021. The program launched Sept. 1 and will cost new members $12.95 per month or $98 per year. The platform will provide unlimited delivery for members. Based on its expectations of roughly $100 per month on top of 10 million members, the program would add at least $10 billion to its bottom line alone in next year.

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Garrett Baldwin

About the Author

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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.

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