Here are the top news, trends, and analysis investors need to get their trading day started:
1. Dow is set to rise nearly 200 points to begin the last week of 2020
Traders work on the trading floor of the New York Stock Exchange.
NYSE
US stock futures indicated a higher Monday morning open as traders entered the final trading days of a volatile year. Dow Jones Industrial Average futures were up 170 points, or 0.6%, which translates into an opening advance of around 200 points. The S&P 500 futures, along with the Nasdaq 100 futures, rose 0.7%. Progress on Monday came following President Donald Trump’s unexpected signing of the Coronavirus Stimulation Act. However, key averages could come under pressure this week as some traders may take profits after this year’s surprisingly strong returns.
2. Trump signs Covid-19 stimulus bill
President Donald Trump listens during a White House video conference call with military personnel on November 26, 2020.
Erin Schaff | The New York Times | Bloomberg | Getty Images
Five days after calling it a “shame,” Trump signed the Coronavirus Aid and Government Funding Act, which extends additional unemployment benefits through March and includes direct payments of $ 600 to most Americans. Trump had refused to sign the bill, also because the measure did not include direct payments of $ 2,000. Economists across the country, along with the Federal Reserve, had called for more fiscal incentives to help the economy recover from the coronavirus pandemic.
3. Fauci warns of an increase in infections after the season
Anthony Fauci, director of the National Institute for Allergies and Infectious Diseases, speaks during a press conference at the White House in Washington, DC, the United States, on Thursday, November 19, 2020.
Chris Kleponis | Bloomberg | Getty Images
Dr. Anthony Fauci said the US could see a “post-seasonal” surge in coronavirus after Americans rallied for Christmas and New Years. “Travel and the likely gathering of people to be together on vacation” adds pressure to the deepening crisis, “Fauci told CNN’s State of the Union.” The US is already in the middle of a Covid-In Last week, the US had an average of 189,578 new cases per day, according to a CNBC analysis of data compiled by Johns Hopkins University.
4. Alibaba shares fall after China increases pressure on Ant Group
An Ant Group logo is pictured at the company’s headquarters, a subsidiary of Alibaba, in Hangzhou, Zhejiang Province, China, on October 29, 2020.
Aly Song | Reuters
Alibaba’s US-listed shares fell more than 1% in the pre-market as Chinese regulators ordered Ant Group – a subsidiary of Alibaba – to comply with government regulations while the Chinese internet sector was scrutinized. Regulators ordered Ant to set up a financial holding company and maintain a certain amount of capital. The company should go back to its origins in payment services, improve transparency and ban unfair competition. “The rectification is an opportunity for Ant Group to strengthen the foundation to grow our business in full compliance and to continue to focus on innovation for the social welfare and serving small businesses,” the Ant Group said in a statement .
5. The UK is expected to approve the Oxford AstraZeneca virus vaccine this week
CSL staff will be working in the laboratory on November 08, 2020 in Melbourne, Australia, where they will begin manufacturing the AstraZeneca-Oxford University’s COVID-19 vaccine.
Darrian Traynor | Getty Images
The UK government is expected to approve a coronavirus vaccine developed by AstraZeneca and the University of Oxford this week. The Financial Times said approval could come as early as Tuesday, while the Sunday Telegraph reported that the vaccine could be approved on Monday. Earlier this month, the UK began rolling out a Covid-19 vaccine developed by Pfizer and German company BioNTech.
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