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The Dow Jones today could push upward on optimism that Congress may pass another round of stimulus. The U.S. House of Representatives delayed a vote on a $2.2 trillion rescue package yesterday. Speaker Nancy Pelosi is hoping that they can continue talks this week to maximize the benefits in the package.
More on everything moving the Dow Jones today, below.
Here are the numbers from Wednesday 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 Friday morning.
The Top Stock Market Stories for Monday
- Congress is currently debating a $2.2 trillion rescue package. Investors are optimistic that the House of Representatives will continue to negotiate with U.S. President Donald Trump to provide new stimulus to investors. President Trump has said that his administration will offer a $1.5 trillion package. The rescue package will offer at least $20 billion for airlines to keep workers employed.
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- COVID-19 cases across the United States topped 7.19 million, with the death toll now north of 206,000. This morning, the CDC announced that it has issued a no-sail order for cruise lines through the end of October. Passenger ships will not be allowed to sail from American ports through the end of the month. Should cases continue to climb - and they are up in more than 31 states - we can expect that we see additional delays across the United States.
- Finally, we received great news on the economic front yesterday on GDP. Will we get the same this morning with jobless benefits? The U.S. Labor Department will report new jobless claims for the week. Economists anticipate that 850,000 new filings for unemployment will come in this week. Initial claims have held at historic levels over the last six months. Market sentiment yesterday showed better-than-expected job growth with the ADP report.
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- In earnings news, PepsiCo. Inc. (NYSE: PEP) is on the move. The company reported earnings per share of $1.66, topping expectations of $1.49. The company said that revenue topped expectations as well. The company said that consumers purchase more snacks due to COVID-19.
- Shares of Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) added about 2% after the company announced positive numbers for its COVID-19 antibody treatment. The firm said that its treatment cut viral levels and eased symptoms in non-hospitalized patients. The firm said it plans to discuss its results with the FDA and other regulatory agencies. Meanwhile, shares of Moderna Inc. (NASDAQ: MRNA) popped more than 3% after the company announced that its latest vaccine candidate was as effective in young adults as with older adults.
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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.