The Dow Jones now is off after the number of U.S. COVID-19 cases hit a new record high over the weekend - 83,000 daily.
An outbreak across the Sun Belt states continues to rise, according to data. Concerns that the United States will be unable to contain the virus were echoed over the weekend by White House Chief of Staff Mark Meadows. 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
28,335.57
-28.09
-0.10
S&P 500
3,465.39
+11.90
+0.34
Nasdaq
11,548.28
+42.28
+0.37
Now here are what I think will be the most important market events and stocks on Monday morning.
Top Stock Market Stories for Monday
It will be a very busy week for investors thanks to another round of earnings reports and a much-needed update on Q3 GDP. This week, I'm looking at earnings reports from Big Tech companies like Apple Inc. (NASDAQ: AAPL), Amazon.comInc. (NASDAQ: AMZN), Facebook Inc. (NASDAQ: FB), and Alphabet Inc. (NASDAQ: GOOGL). But don't discount the importance of earnings reports from Boeing Co. (NYSE: BA) and Caterpillar Inc. (NYSE: CAT). Both companies are expected to provide an update on the health of the manufacturing economy and help investors understand the economy's projected strength heading into 2020. Roughly one-third of the S&P 500 reports this week.
COVID-19 continues to wreak havoc across the United States. Johns Hopkins University reported Sunday that the United States saw 83,000 new infections on both Friday and Saturday. That figure surpasses a previous record in July and signals that we are on the verge of surpassing 100,000 new infections in the next two weeks. Most concerning, White House chief of staff Mark Meadows said over the weekend that the U.S. government will not be able to control the pandemic at this rate.
Finally, we're back to stimulus chatter in Washington once again. House Speaker Nancy Pelosi said that she anticipates some changes in tone around a potential stimulus from the White House this week. The two are at odds over another $2 trillion in stimulus money and how to properly allocate the capital. Senate Majority Leader Mitch McConnell hinted that the Upper Chamber of Congress isn't prepared to move forward with a large stimulus bill. That could force investors to wait until after the 2020 election to get any actual clarity on the government's plan to provide economic relief.
Stocks to Watch Today: DNKN, AZN, HAS
Shares of Dunkin Brands Group Inc. (NASDAQ: DNKN) are on the move this morning on news that the company is in talks to take itself private. Inspire Brands is reportedly considering a deal that would take the company private at $106.50 per share, according to The New York Times. Inspire Brands already owns companies like Arby's and Jimmy John's and might announce a takeover deal later on Monday.
Shares of AstraZeneca Plc. (NYSE: AZN) are on the move after the company announced that a COVID-19 vaccine treatment had a positive and similar outcome in both young and older adult candidates. Officials are hoping that one of the companies in Operation Warp Speed will emerge as a clear winner in this race for a cure.
It will be another busy day of earnings reports. Today, look at Hasbro Inc. (NYSE: HAS). The well-known toymaker reported earnings per share of $1.63 on top of $1.74 billion in revenue. The company fell short on the earnings side by $0.25, despite topping revenue expectations. The stock was off 3.5% after its television and entertainment division announced results that failed to meet analysts' expectations.
BUY THIS, NOT THAT: The Best (and Worst) Stocks in America
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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.