Dow Jones Now Volatile a Month Out from the 2020 Election

The Dow Jones now continues to face volatility ahead of the November election. U.S. President  Donald Trump contracted COVID-19 last week but has said he is "getting great reports from the doctors."

More on everything moving the Dow Jones 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 27,682.81 -134.09 -0.48
S&P 500 3,348.44 -32.36 -0.96
Nasdaq 11,075.00 -251.49 -2.22

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

Top Stock Market Stories for Monday

  • Over the weekend, President Trump stayed at Walter Reed National Medical Center for his treatment against COVID-19. The president's condition has improved, and he could be discharged as early as today. That said, Trump's doctor revealed that the president's oxygen saturation levels slumped under 95% on two occasions. Some health experts have raised concerns that Trump's condition is more severe than initial reports, based on the administration of supplemental oxygen and a steroid to boost his system.

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  • COVID-19 will continue to remain a dominant headline in the United States, with the official case count now north of 7.4 million Americans. In New York City, Mayor Bill de Blasio said that nine zip codes in Queens and Brooklyn will likely shut down once again due to a recent surge in COVID-19 cases. The outbreak of COVID-19 on Capitol Hill has also put the Supreme Court nomination of Amy Comey Barrett in jeopardy, while Congress continues to move at a glacial pace to introduce a new stimulus plan. Both Republicans and Democrats have been engaged in a months-long debate on the right size of the package.
  • This morning, expect to see a sell-off in shares of cinema stocks. AMC Entertainment Holdings Inc. (NYSE: AMC) and Cinemark Holdings Inc. (NYSE: CNK) are sliding after its rival, Cineworld, announced plans to close more than 500 Regal theaters. The shutdown comes as film studios continue to delay new releases like the new James Bond film, "No Time to Die." Theaters have failed to recover from the outbreak of COVID-19, and some studios have turned to streaming platforms like Netflix Inc. (NASDAQ: NFLX) and Walt Disney Co.'s (NYSE: DIS) Disney Plus to distribute their new films. Cineworld's shutdown of its Regal theaters puts more than 45,000 jobs at risk.

Stocks to Watch Today: MYOK, BMY, DKNG, 3M

  • 3M Co. (NYSE: MMM) is looking to address the wealth of fraudulent PPE products sold to consumers during the COVID-19 pandemic. The company has launched a new legal project designed to prevent further sales of fraudulent projects. The company, which produces N95 masks and other protective equipment, said that it has investigated more than 7,700 fraud reports around the globe. It has also filed 19 lawsuits and obtained nine temporary restraining orders against fraudsters. The company has received damages from various cases or settlements and announced plans to donate its proceeds to COVID-19 related charities.
  • Meanwhile, in deal news, shares of MyoKardia Inc. (NASDAQ: MYOK) surged more than 58% after the company announced an agreement to sell to Bristol-Myers Squibb Co. (NYSE: BMY) for $225 per share. The acquisition by BMY reduces the company's over-dependence on cancer treatments. MyoKardia is best known for a leading treatment for irregular heartbeats.
  • Finally, never let a good rally go to waste. Draftkings Inc. (NASDAQ: DKNG), whose shares are up more than 500% since December, announced a new public offering to sell 32 million "Class A" shares. Half of the stake will come from the company, and the other half from shareholders. Shares of DKNG plunged 5.6% on the news.

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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.

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