Dow Jones Today Falling as Stimulus Looks Less Likely

The Dow Jones today is taking a hit after Treasury Secretary Steven Mnuchin said that a stimulus deal before the election is looking less and less likely.

Earlier this week, House Speaker Nancy Pelosi (D-CA) said the White House’s proposal “falls significantly short” of what they believe to be expected. More of what’s moving the Dow today, below.

Before we dive into the latest stories and more, here are the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:

Index Previous Close Point Change Percentage Change
Dow Jones 28,514.00 -165.81 -0.58
S&P 500 3,488.67 -23.26 -0.66
Nasdaq 11,768.73 -95.17 -0.80

Now here’s a closer look at what I’m following today. These are the most important market events and stocks.

The Top Stock Market Stories for Thursday

  • On Thursday, speculation again centers around Washington’s willingness to get a deal done on stimulus in the coming days. U.S. President Donald Trump renewed hope last week that Congress would unveil a broad stimulus package to help struggling airlines and small businesses. The president has also supported the issuance of roughly $1,200 directly to Americans. The House of Representatives have said they are seeking a bill valued at $2.4 trillion, while Republicans would like to see something close to $1.8 trillion.
  • Johns Hopkins University reported that the seven-day COVID-19 infection average hit 52,345. The uptick in cases in the United States parallels a surge of cases in Europe, where leaders in those nations are imposing new instructions and shutdowns to curb a second wave of the virus. London is moving to a “medium” alert level this morning, meaning that no one in London will be allowed to meet with anyone outside their home, or any indoor setting.
  • Last, we’re again paying close attention to the Labor Department’s weekly jobless claims. The department is expected to say that 830,000 Americans filed claims last week. Initial claims have remained above 800,000 since the onset of the COVID-19 crisis.

Stock to Watch Today: WBA, MS, UAL

  • Shares of Walgreens Boots Alliance Inc. (NASDAQ: WBA) were up 1.5% this morning. The pharmacy giant forecast an uptick in profit growth in 2021. The firm reported earnings before the bell. The firm reported earnings per share of $1.02, a figure that topped Wall Street expectations of $0.96. It said that same-store sales at its pharmacy locations increased by 3.6%.
  • Morgan Stanley (NYSE: MS) was off 1.3% after the company topped earnings expectations. The firm reported earnings per share of $1.66. That figure topped Wall Street earnings expectations. The company reported revenue of $11.7 billion, a figure that topped expectations by $1 billion. Morgan Stanley was the last major bank to report earnings this week.
  • Shares of United Airlines Holdings Inc. (NYSE: UAL) reported a quarterly loss of $8.16 per share. That was a much larger loss than was forecast by analysts ($7.53). It also reported revenue of $2.49 billion, a figure that met expectations. The company slashed its daily burn rate to $25 million, including debt. The company was burning through $40 million per day.

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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.

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