Rep. Jim Jordan, R-Ohio, on stimulus, the president’s health status, Obamagate, social media and the push to break up big tech.
Stock futures rebounded on Wednesday after President Trump reversed an earlier stance and signaled he would be willing to sign bills from Congress to support the economy.
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Stock Futures Rebound
He said he would sign a “stand alone bill” for another round of economic stimulus checks in the amount of $1,200. He also promised help for the battered airline industry in the form of $25 billion in relief and also touted releasing funds for small businesses from the Paycheck Protection Program.
Airlines In Focus
Airlines may see some action following more talk of a rescue. Additionally, Southwest flight attendants are pushing back on pay cuts CEO Gary Kelly is hoping will help save more jobs.
SOUTHWEST CEO PUSHING PAY CUTS
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAL | AMERICAN AIRLINES GROUP INC. | 12.53 | -0.59 | -4.50% |
| DAL | DELTA AIR LINES INC. | 31.06 | -0.94 | -2.94% |
| UAL | UNITED AIRLINES HLDG. | 34.88 | -1.32 | -3.65% |
| LUV | SOUTHWEST AIRLINES CO. | 37.58 | -0.91 | -2.36% |
Trump sent a ripple through the markets late Tuesday, tweeting he instructed his negotiators to stop speaking with Speaker of the House Nancy Pelosi until after the election. Stocks fell across the board.
DOW FALLS 375 POINTS AS TRUMP CANS STIMULUS TALKS IN PELOSI SHOWDOWN
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 27772.76 | -375.88 | -1.34% |
| I:COMP | NASDAQ COMPOSITE INDEX | 11154.603642 | -177.88 | -1.57% |
| SP500 | S&P 500 | 3360.95 | -47.68 | -1.40% |
TECH IN THE SPOTLIGHT
Shares of the large U.S. tech companies — Apple Inc., Facebook Inc., Amazon.com Inc. and Alphabet — will be in the spotlight after a panel of Congressional lawmakers recommended substantial changes and said they enjoy “monopoly power.”
House Democrats found the four companies — worth a collective $5.6 trillion in market cap — have enjoyed stifling competition and need to be reigned in by lawmakers and regulators. The findings, laid out in a 443-page report, can be read in their entirety here.
On Tuesday, Apple sent out press invites for a product event next week, widely believed to be the 5G iPhone.
FOMC ON TAP
Investors will be looking to read through the minutes of the last Federal Open Market Committee meeting to hunt for clues on how they see the U.S. economy in the wake of the coronavirus pandemic that has now affected more than 7.5 million Americans, resulting in more than 200,000 deaths.
On Tuesday, Federal Reserve Chairman Jerome Powell, reiterated the need for more stimulus earlier today while warning of major risks to the economy without it.
“The recovery will be stronger and move faster if monetary policy and fiscal policy continue to work side by side to provide support to the economy until it is clearly out of the woods,” he said during remarks before the National Association of Business Economists.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NTDOY | NINTENDO CO LTD | 67.68 | -0.12 | -0.18% |
| CMCSA | COMCAST CORP. | 44.51 | -1.30 | -2.84% |
In other corporate news, Nintendo announced that its first theme park will finally open in Osaka, Japan next spring, following setbacks related to the COVID-19 pandemic. In addition, the gaming giant will open a themed cafe and store in Universal Studio Japan’s Hollywood area, according to a translated statement.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 28.39 | +0.46 | +1.65% |
| GLD | SPDR GOLD SHARES TRUST – EUR ACC | 177.30 | -2.11 | -1.18% |
Oil futures fell below the $40 per barrel level, last trading at $39.77, down more than 2%. Gold also lost ground, declining below the $1,900 level, declining 0.9% to trade at $1,891.40 an ounce.
European stocks were slightly lower on Wednesday, with the Stoxx Europe 600 declining 0.2%, while the German DAX, French CAC and FTSE 100 were off 0.4%, 0.2% and 0.1%, respectively.
