The Dow Jones today could bounce back after a four-day losing streak as Congress works toward another stimulus bill.
The S&P 500 is coming off its fourth consecutive losing week, with the latter off as much as 10% in September. The Nasdaq has shed as much as 14% since the first of the month, which shares of Apple Inc. (NASDAQ: AAPL) nearly falling into bear territory. Investors are hoping that the worst is over. But it's important to note that the S&P 500 is still stuck in a negative momentum trend. More on everything moving the Dow today, below.
Here are the numbers from Friday for the Dow, S&P 500, and Nasdaq:
Index
Previous Close
Point Change
Percentage Change
Dow Jones
27,173.96
+358.52
+1.34
S&P 500
3,298.46
+51.87
+1.60
Nasdaq
10,913.56
+241.30
+2.26
Now here are what I think will be the most important market events and stocks on Monday morning.
The Top Stock Market Stories for Monday
This morning, traders are once again paying very close attention to the rising number of COVID-19 cases across the United States. According to Johns Hopkins University, new coronavirus cases topped 1,000 in New York state on Saturday. That was the first time that figure was over 1,000 since early June. Over the weekend, experts warned that the United States had a long way to go as fewer than 10% of Americans have shown COVID-19 antibodies. The United States has seen 7.1 million cases, while the death toll surpassed 204,000 over the weekend.
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Meanwhile, Democrats are pushing this week for a new stimulus package for American small businesses and citizens. Speaker of the House Nancy Pelosi said Sunday that the lower chamber of Congress is eyeing a "smaller" package worth upwards of $2.4 trillion. The House plans to vote on this package as soon as this week. However, it might face obstacles in the Senate, which would prefer a deal worth about $1 trillion.
Over the weekend, U.S. President Donald Trump nominated Amy Comey Barrett for the ninth seat on the U.S. Supreme Court. We are likely facing a very contentious battle on Capitol Hill over Barrett, who would fill the seat after the passing of Justice Ruth Bader Ginsburg. Senator Lindsay Graham (R-SC) said that hearings for Barrett would begin on Oct. 12, less than four weeks before the November 2020 election.
Stocks to Watch Today: BABA, AMZN, DVN, WPX, PLTR
Shares of Alibaba Group Holding Ltd. (NYSE: BABA) are in focus as the company kicks off its Virtual Investor Day. The "Investor Day" is really a three-day event and will feature updates on the state of the Chinese e-commerce industry in the wake of COVID-19. The big focus at this event will center on the growth of the company's cloud computing segment and digital media divisions. We'll also want to get some insight into the company's next Singles' Day, a shopping holiday in China that dwarfs the Amazon.com Inc. (NASDAQ: AMZN) Prime Day and Black Friday, combined.
Meanwhile, Devon Energy Corp. (NYSE: DVN) and WPX Energy Inc. (NYSE: WPX) are reportedly engaged in discussions to merge their operations. The deal comes at a time that shale oil and gas producers are struggling with WTI crude prices trading around $50. A deal would help both companies weather this prolonged slump in energy demand from consumers. It would create a company worth about $6 billion. Shares of both stocks are off more than 55% this year.
Finally, we want to pay close attention to Palantir Technologies (NYSE: PLTR), a direct listing that will start trading on Sept. 30. Right now, Wall Street analysts expect that the software and data analytics firm based in Denver will start trading around $10 per share. That would put the firm at a market capitalization of about $22 billion. The firm isn't profitable. In 2019, it lost $580 million. That said, the company leads a rather busy IPO calendar during the final week of September.
Three Stocks Even Better Than Palantir
Chief Investment Strategist Shah Gilani just held his first-ever stock-picking lightning round event - running through more than 50 stocks to tell you if they are stocks to buy or stocks to sell.
Dozens are overpriced and overhyped - you should ditch them ASAP.
All three are trading at a discount... they're under-the-radar companies most people haven't even heard of... and they have massive tailwinds ready to send their share prices into the stratosphere.
To get the company names, tickers, and price targets for Shah's picks, go here now.
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.