Investors are still holding out hope that additional fiscal stimulus in the U.S. will be agreed upon soon
After beginning the day with triple-digit gains, stocks pulled back slightly for marginal wins to begin the new month and quarter. Today's volatility comes as the outlook for further fiscal stimulus in the U.S. muddied, after House Majority Leader Steny Hoyer's office relayed that the House was expected to vote on the new stimulus bill. While the $2.2 trillion Democratic bill was primed to be passed on Wednesday night, lawmakers delayed a vote to allow House Speaker Nancy Pelosi and Treasure Secretary Steven Mnunchin more time to talk about a bipartisan plan. The Dow and S&P 500 eked out modest gains, while the Nasdaq Composite rose triple digits thanks to help from the improving tech sector.
Continue reading for more on today's market, including:
- Ball stock could be on its way to fresh highs.
- This insurance name is falling amid layoffs and restructuring plans.
- Plus, Schaeffer's latest Market Mashup podcast; taking a look at PepsiCo's quarterly earnings; and more on Marathon's staff cuts and stock woes.
The Dow Jones Industrial Average (DJI - 27,816.90) rose 35.2 points, or 0.1%. Walmart (WMT) led the list today, leading the winners with a 2.3% rise. Meanwhile, Chevron (CVX) paced the small list losers today, notching a 2.2% drop.
Meanwhile, the S&P 500 Index (SPX - 3,380.80) added 17.8 points, or 0.5% for the day, and the Nasdaq Composite (IXIC - 11,326.51) gained 159 points, or 1.4%.
Lastly, the Cboe Volatility Index (VIX - 26.70) tacked on 0.3 point, or 1.3% for the day.
- The upcoming U.S. election is no doubt one of the most anticipated in the history of the country, and now it's shaping up to be the most expensive. Spending for the contest is expected to reach an unprecedented $10.8 billion. (CNBC)
- Several states have increased gas taxes over the course of the pandemic, and in recent months its picked up considerably. (USA Today)
- Our latest Schaeffer's Market Mashup podcast covers Mini VIX futures and more.
- Despite an upbeat quarterly earnings report, Pepsi stock is flat.
- Marathon stock sunk after a bear note rolled in amid staff cuts.
Gold Topples Key Level, Oil Backpedals
Oil prices reversed course from yesterday's session, falling today as global coronavirus cases rose. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) increased its output by 160,000 barrels per day from August to September, resulting in more pressure on prices of black gold. In response, November-dated crude lost $1.50, or 3.7%, to settle at $38.72 per barrel for the day.
Gold prices, on the other hand, rose above the key $1,900 level, on renewed hope that further fiscal stimulus would be agreed upon in the U.S. Additionally, the dollar weakened once more, resulting in more appeal for bullion. Gold for December delivery added $20.80 or 1.1%, to settle at $1,916.30 an ounce for the day.