Treasury Secretary Steven Mnuchin, member of the president’s coronavirus task force, joins Chris Wallace on ‘Fox News Sunday.’
U.S. stock futures kicked off the week modestly lower as a new round of cash heads to small businesses hit hard by the coronavirus after President Trump signed the $484 billion coronavirus relief package that includes $310 billion for the Paycheck Protection Program. Lenders are expected to resume processing applications on Monday.
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The Dow Jones Industrial Average slipped over 55 points, while the S&P 500 and the Nasdaq Composite were little changed as of 6:30 p.m. ET.
Investors will also be keeping a close eye on those major cities reopening and how quickly those local economies can begin to bounce back.
Treasury Secretary Steven Mnuchin told “Fox News Sunday” he is confident the bounce back will come by early summer.
“I think as we begin to reopen the economy in May and June, you’re going to see the economy really bounce back in July, August, September,” Mnuchin said. “And we are putting in an unprecedented amount of fiscal relief into the economy. You’re seeing trillions of dollars that’s making its way into the economy, and I think this is going to have a significant impact,” he said.
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The collapse in oil claimed its first corporate victim, with Diamond Offshore Drilling Inc. filing for bankruptcy protection Sunday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DO | DIAMOND OFFSHORE | 0.94 | +0.11 | +13.06% |
Oil posted its worst week in history after West Texas Intermediate crude futures turned negative for the first time in history. On Sunday, oil was modestly lower trading around $16.60 per barrel.
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Through last week, stocks fell across the board with the Dow dropping 1.93 percent, while the S&P 500 and the Nasdaq lost 1.32 percent and 0.18 percent respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| 3M | n.a. | n.a. | n.a. | n.a. |
| CAT | CATERPILLAR INC. | 114.04 | +1.13 | +1.00% |
| TSLA | TESLA INC. | 725.15 | +19.52 | +2.77% |
| AMZN | AMAZON.COM INC. | 2,410.22 | +10.77 | +0.45% |
| AAPL | APPLE INC. | 282.97 | +7.94 | +2.89% |
As for the week ahead, earnings from marquee companies will be in focus including 3M, Caterpillar, Google and Starbucks on Tuesday. Tesla on Wednesday and Amazon and Apple on Thursday to name a few.
