Dow Jones Today Slumps After Senate Kills Possibility of Stimulus

This post was originally published on this site

The Dow Jones today is off after Senate Majority Leader Mitch McConnell has adjourned the Senate until Nov. 9. This seals the potential for another stimulus package to come no earlier than February.

Meanwhile, we’re seeing lackluster earnings reports from big firms and COVID-19 cases spreading across the country. Here’s everything moving the Dow today…

First, here are the numbers from Thursday for the Dow, S&P 500, and Nasdaq:

Index Previous Close Point Change Percentage Change
Dow Jones 26,659.11 +178.13 +0.66
S&P 500 3,310.11 +32.94 +0.99
Nasdaq 11,185.59 +121.19 +1.09

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

Top Stock Market Stories for Monday

  • COVID-19 cases just hit another all-time high in the United States, and the virus continues to spread at an incredible rate around the world. In Europe, Germany, France, and the United Kingdom are moving into new lockdowns in an effort to control the virus. Johns Hopkins University reports that the average seven-day case load hit 74.183. That figure is a 24% rise compared to last week, and experts are predicting that the numbers will explode in the next two weeks.

  • Meanwhile, there likely will not be a deal between Congress and the White House on stimulus before the election. Sen. Mitch McConnell (R-KY) has adjourned the Senate for two weeks. Meanwhile, Treasury Secretary Steven Mnuchin accused Speaker Nancy Pelosi (D-CA) of engaging in a “political stunt” during negotiations over a possible new round of stimulus. The market had been banking on a stimulus package ahead of the election, but investors now might need to wait for another month.

Stocks to Watch Today: AAPL, AMZN, FB

  • Shares of Apple Inc. (NASDAQ: AAPL) were off 4% after the company announced that iPhone sales plunged by 21% in the fiscal fourth quarter. The company struggled due to a delay in the release of its latest model. Typically, Apple launches a new phone in September, but the pandemic forced delays through October. With that said, the company did top Wall Street earnings expectations after the bell yesterday.
  • Shares of Amazon.com Inc. (NASDAQ: AMZN) fell 2% after the firm announced earnings yesterday. The firm said that it beat profit and revenue expectations. However, it also reported that it faced about $4 billion in new costs due to COVID-19.
  • Facebook Inc. (NASDAQ: FB) shares were off 2.5%. The social media giant topped Q3 earnings and revenue expectations. However, it also warned of a “significant amount of uncertainty” for 2021.

Are These “Toxic” Stocks Lurking in Your Portfolio?

Almost no one realizes, but some of the most dangerous, portfolio-wrecking stocks are also some of the most popular picks on the market.

Our chief investment strategist is going live and shining a light on the specific stocks that should be nowhere near your portfolio.

In this fast-paced lightning round event, he’ll also detail the stocks that every investor in the world should have in their portfolio right now.

This event could revolutionize how you make money this year. Watch now

Follow Money Morning on Facebook and Twitter.

Join the conversation. Click here to jump to comments…

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.

Read full bio