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The Dow Jones now is gaining as House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are working to solve differences with a potential stimulus deal in the coming days.
In addition, the market received positive news on the state of COVID-19 vaccine. I'll jump into that story and more today.
First, 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, the CEO of Moderna Inc. (NASDAQ: MRNA) said that the company's vaccine could be available for emergency use by December if they receive positive results from a November trial. That news helped push cruise and airline stocks higher this morning. Moderna is racing against other pharmaceutical companies like Pfizer Inc. (NYSE: PFE) and Astrazeneca Plc. (NYSE: AZN) to develop vaccines. We could see approval for two or more vaccines by the FDA as soon as January 2021.
- In Washington, we're still waiting for a stimulus deal. However, Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin remain miles apart on a new stimulus deal. The markets have been waiting months for the two sides to hammer out the main provisions of a new program. The primary stimulus provisions from the CARES Act expired during July, and job growth has been sluggish in recent months. The markets are starting to give up on Congress, as it appears that a deal will not get done before election day. Democrats have passed two new stimulus deals, but they failed to get a vote in the Republican-controlled Senate.
Stocks to Watch Today: AAPL, INTC, IBM, PG, SNAP, TRV
- Shares of Intel Corp. (NASDAQ: INTC) are up more than 1% on news that the company will sell its NAND memory and storage business to South Korean firm SK Hynix for $9 billion. The deal comes now that Intel has faced increasing competitive pressure from rivals and lost a contract to Apple Inc. (NASDAQ: AAPL).
- Travelers Cos. Inc. (NYSE: TRV) added 3% after the insurance giant topped Wall Street earnings expectations on Tuesday. The firm reported earnings per share of $3.12 on top of $7.77 billion in revenue.
- Shares of International Business Machines Corp. (NYSE: IBM) are off 3% after Big Blue fell short of earnings expectations on Monday. The company reported its third-consecutive quarter of falling revenue.
- Today, we're looking at another busy day of corporate earnings. Look for reports from Proctor & Gamble Co. (NYSE: PG), Snap Inc. (NASDAQ: SNAP), Netflix Inc. (NASDAQ: NFLX) and more.
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About the Author
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.