US open: Stocks recover from early dip, stimulus and elections in focus
By Alexander Bueso
Date: Friday 25 Sep 2020
(Sharecast News) - Wall Street is trading slightly higher with investors closely following the headlines around stimulus discussions on Capitol Hill and the polls ahead of the next elections.
Nevertheless, as Oanda senior market analyst Craig Erlam, pointed out, regardless of the outcome of the 3 November elections, markets could be in for heightened uncertainty due to the difficulty of counting the votes in the middle of the pandemic and the possibility that the White House might contest the results.
"That would be a lot to take in normal times and we are not living through ordinary times, Erlam said.
"The election is taking place just as many countries will be in or heading for a potentially devastating second wave of Covid-19, forcing restrictions and maybe even more lockdowns that would be hugely damaging for the global economy. A vaccine can't come soon enough."
As of 1527 BST, the Dow Jones Industrials had edged up 0.07% to 26,833.35 while the S&P was ahead by 0.19% at 3,252.57 and the Nasdaq Composite by 0.67% at 10,744.08.
Nonetheless, overnight the Secretary of the Treasury, Steve Mnuchin, had told the Senate Banking Committee that a targeted relief package was "still needed".
"If the Democrats are willing to sit down, I'm willing to sit down anytime for bipartisan legislation, let's pass something quickly," Mnuchin said.
For her part, the Democratic speaker of the House of Representatives, Nancy Pelosi, said she hoped that talks for another round of fiscal support would resume, but reportedly did not clarify whether her party would tone down demands for as much as $2.2trn in new spending.
Declines for shares of Caterpillar and Goldman Sachs were weighing the most on the Dow Jones shortly after the start of trading.
Boeing was heading the other way after the director of the Europe's safety agency for aviation, the EASA, told reporters that test flights and simulator sessions with the upgraded the jetmaker's 737 MAX had gone well, in a move that commentators said might pave the way for it to take to the skies again before year end.
Dow Jones - Risers
Boeing Co. (BA) $149.87 2.61%
Apple Inc. (AAPL) $109.65 1.33%
Unitedhealth Group Inc. (UNH) $295.79 1.07%
Microsoft Corp. (MSFT) $203.99 0.40%
Johnson & Johnson (JNJ) $145.13 0.32%
American Express Co. (AXP) $95.67 0.23%
Procter & Gamble Co. (PG) $137.16 0.18%
Cisco Systems Inc. (CSCO) $37.92 0.17%
JP Morgan Chase & Co. (JPM) $92.68 0.02%
Intel Corp. (INTC) $49.17 0.02%
Dow Jones - Fallers
Goldman Sachs Group Inc. (GS) $190.95 -2.13%
Coca-Cola Co. (KO) $48.24 -0.94%
Caterpillar Inc. (CAT) $144.10 -0.72%
Raytheon Technologies Corporation (RTX) $56.97 -0.71%
Walgreens Boots Alliance, Inc. (WBA) $34.80 -0.66%
McDonald's Corp. (MCD) $214.72 -0.65%
Chevron Corp. (CVX) $71.41 -0.54%
Walt Disney Co. (DIS) $121.88 -0.50%
International Business Machines Corporation (CDI) (IBM) $117.57 -0.44%
Nike Inc. (NKE) $124.21 -0.44%
S&P 500 - Risers
Norwegian Cruise Line Holdings Ltd (NCLH) $15.99 9.30%
Carnival Corp. (CCL) $14.36 4.51%
Royal Caribbean Cr (RCL) $62.48 4.19%
Fifth Third Bancorp (FITB) $20.13 2.65%
Boeing Co. (BA) $149.87 2.61%
Sba Communications Corp. (SBAC) $313.95 2.51%
Bristol-Myers Squibb (BMY) $59.47 2.10%
Cardinal Health Inc. (CAH) $46.72 1.99%
H&R Block Inc. (HRB) $15.22 1.98%
MGM Resorts International (MGM) $21.58 1.86%
S&P 500 - Fallers
Fluor Corp. (FLR) $8.52 -8.85%
FMC Technologies Inc. (FTI) $6.09 -4.02%
Mosaic Company (MOS) $18.31 -2.71%
Micron Technology Inc. (MU) $48.16 -2.65%
Costco Wholesale Corp. (COST) $337.82 -2.65%
Apache Corp. (APA) $10.62 -2.57%
Marathon Oil Corp. (MRO) $4.20 -2.51%
Occidental Petroleum Corp. (OXY) $10.40 -2.26%
Schlumberger Ltd. (SLB) $16.25 -2.22%
Goldman Sachs Group Inc. (GS) $190.95 -2.13%
Nasdaq 100 - Risers
Trip.com Group Limited (TCOM) $29.57 6.56%
Tesla Inc (TSLA) $402.07 3.68%
Apple Inc. (AAPL) $109.65 1.33%
CSX Corp. (CSX) $77.48 1.18%
Illumina Inc. (ILMN) $289.48 1.11%
American Airlines Group (AAL) $11.89 1.04%
Mylan Inc. (MYL) $14.34 0.91%
Workday, Inc. (WDAY) $210.41 0.82%
PACCAR Inc. (PCAR) $82.75 0.72%
Qurate Retail Inc. (QRTEA) $7.09 0.71%
Nasdaq 100 - Fallers
Micron Technology Inc. (MU) $48.16 -2.65%
Costco Wholesale Corp. (COST) $337.82 -2.65%
Asml Holdings N.V. (ASML) $353.17 -1.94%
Baidu Inc. (BIDU) $121.43 -1.88%
Microchip Technology Inc. (MCHP) $96.19 -1.60%
Maxim Integrated Products Inc. (MXIM) $64.06 -1.39%
Dish Network Corp. (DISH) $28.19 -1.36%
Applied Materials Inc. (AMAT) $57.04 -1.30%
Analog Devices Inc. (ADI) $111.22 -1.30%
Booking Holdings Inc. (BKNG) $1,629.95 -1.25%
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