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The Dow Jones today is in decline on further concerns about rising COVID-19 cases. The ongoing pandemic is hammering the global airline industry. Airline companies are reportedly seeking an additional $25 billion in stimulus relief to help delay layoffs and furloughs.
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, Johns Hopkins University reports that the number of global deaths tied to the virus has surpassed 1 million since it spread from China in late 2019. In the United States, the death toll represents 20% of all fatalities. The terrible milestone comes as many states are seeing a resurgence in cases. Meanwhile, the State of Florida is rolling the dice by reopening restaurants and bars without any restrictions.
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- Meanwhile, U.S. President Donald Trump and former Vice President Joe Biden will square off this evening in the first presidential debate of the 2020 cycle. This should be entertaining. Right now, Joe Biden is the favorite in polls. But investors are nervous about potentially higher taxes, an expansion of government in healthcare, and a rollback in many Trump-era business, energy, and environmental policies.
- Finally, the U.S. House of Representatives is moving quickly on a new stimulus deal. According to reports, House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin will speak today about how to narrow the gap between the GOP and Democrats. The House has unveiled a $2.2 trillion relief bill, which is much smaller than its original bill ($3.4 trillion). However, that figure is about $1 trillion more than the GOP have pushed for in the Senate.
Stocks to Watch Today: MKC, AMZN, MSFT
- In earnings news, shares of McCormick & Co. (NYSE: MKC) fell 3.3% after the spice giant reported EPS of $1.53. That figure topped Wall Street expectations by a penny. In addition, revenue figures came in higher than consensus expectations. The firm said that consumer spending helped offset a big slump in its restaurant segment. However, shares fell after the company slashed its fiscal 2020 adjusted earnings expectations. The firm also announced a 2-for-1 stock split.
- Shares of Amazon.com Inc. (NASDAQ: AMZN) are in focus after the company announced a new personal shopping service for men. The $4.99 monthly service is an expansion of the company's Prime Wardrobe service. Shares of Stitch Fix Inc. (NASDAQ: SFIX) were off due to concerns about the new competition from the e-commerce giant.
- Are hackers to blame? Microsoft Corp. (NASDAQ: MSFT) shares are in focus after the company's Office 365 and Azure cloud products experienced a disruption for several hours yesterday. The outage is a major problem for small- and medium-sized businesses, which continue to rely on Silicon Valley for their data storage.
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About the Author
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.