5 issues you need to know earlier than the inventory market opens on December 7, 2020
Here are the top news, trends, and analysis investors need to get their trading day started:
1. Dow is set to fall after a day of records not seen in nearly 3 years
The New York Stock Exchange building is decorated for Christmas on November 30, 2020 in the Financial District of New York City, United States.
Anadolu Agency | Getty Images
The Dow was expected to open nearly 100 points on Monday after the average of 30 stocks, the broader S&P 500, the tech-heavy Nasdaq, and the small-cap Russell 2000, all of which closed on Friday for the first time in nearly three years. These highs were hit at the start of the historically strong month of December, although new Covid-19 cases hit nearly 228,000 on Friday and the government reported much weaker than expected employment growth in November. However, some traders viewed the 245,000 non-farm payrolls added last month as positive, as it could put pressure on lawmakers to add additional fiscal incentives to help Americans and U.S. businesses during the pandemic. During the week, the Dow was up 1%, the S&P 500 was up 1.7%, the Nasdaq was up 2.1% and the Russell 2000 was up 2%.
2nd GOP Senator Tells Trump McConnell expected to support the stimulus bill
Senate Majority Leader Mitch McConnell, R-Ky., And President Donald Trump at a Cabinet meeting in the Oval Office July 20, 2020.
Doug Mills | Getty Images
According to Senator Bill Cassidy, R-La., Involved in bipartisan talks, President Donald Trump and Senate Majority Leader Mitch McConnell, R-Ky., Will propose a proposed coronavirus stimulus bill of US $ 900 billion Dollar support. The package, due to be released on Monday, comes with a major year-end spending measure needed to avoid a federal government shutdown this coming weekend. The language of the relief laws, which is currently being finalized, would provide around $ 300 additional weekly unemployment benefits. But there won’t be another round of $ 1,200 checks to Americans, so there may be direct payments for President-elect Joe Biden and the new Congress to be decided.
3. CDC Urges Mask Wear As More Californians Are Banned
With the 7-day average of new daily US Covid-19 cases close to 200,000 and deaths over 2,000, the CDC issued a strong call to action for people to wear masks, stay home when possible, and social Distance to slow the spread of virus cases. There are also record hospital stays in the US, exceeding 100,000 for five consecutive days as of Sunday.
Two regions in California, the San Joaquin Valley and Southern California, triggered the state’s new home stay decree after capacity in their intensive care units dropped below 15%. The measures, which went into effect on Sunday evening just before midnight, will take at least three weeks. The San Francisco Bay Area was also locked on Sunday evening. Health officials said they didn’t want to wait for the intensive care unit capacity to go that bad.
In a newly uncovered case among people close to the president, Rudy Giuliani tweeted on Sunday evening that he was being “very cautious” and “recovering quickly” from Covid-19. Trump tweeted Sunday afternoon that Giuliani, his personal attorney, tested positive for coronavirus.
4. Biden elects California AG Xavier Becerra to head HHS
California Attorney General Xavier Becerra.
Biden will select Xavier Becerra, California attorney general, to head the Department of Health and Human Services, three sources familiar with the decision, NBC News told NBC News. If this were confirmed, Becerra, 62, would be the first Latino to head the department. Biden also selected a Harvard infectious disease expert, Dr. Rochelle Walensky, as CDC director. On Sunday, Dr. Deborah Birx, the Trump administration’s coronavirus response coordinator, said the surge in winter infections could be the “worst event” the US has ever seen
United States President Donald Trump listens as Moncef Slaoui, former head of GlaxoSmithKlines’ vaccines division, speaks about coronavirus vaccine development in the Rose Garden of the White House in Washington, DC on May 15, 2020.
Drew Angerer | Getty Images News | Getty Images
Trump’s Coronavirus Vaccine Zone, Dr. Moncef Slaoui said he will meet with Biden this week to discuss expected vaccine launches in the US later this month. The FDA will hold hearings this week on Pfizer and BioNTech’s vaccine candidate and next week on Moderna’s vaccine. Last week, Dr. Anthony Fauci, director of the National Institute for Allergies and Infectious Diseases, ready to be Biden’s chief medical advisor in promoting continuity from the Trump administration to the Biden administration.
5. The UK to release Pfizer’s Covid-19 vaccine to the public on Tuesday
Nurses at the Royal Free Hospital in London simulate administering the Pfizer vaccine to aid in staff training ahead of the rollout on December 5, 2020 in London, England.
WPA pool | Getty Images News | Getty Images
Britain is preparing to give Pfizer’s Covid-19 vaccine to the public on Tuesday. This makes it one of the first countries in the world to introduce a coronavirus vaccination. The UK health authorities approved the Pfizer BioNTech emergency vaccine last week. Health workers, nursing home workers and Britons over 80 will be among the first to receive the shots in what British Prime Minister Boris Johnson described as “one of the UK’s greatest civil logistical efforts”. “The first batch of vaccine deliveries will be ready in hospitals by Monday,” said the medical director of England’s National Health Service.
Correction: New Covid-19 cases hit nearly 228,000 on Friday. In a previous version the number was incorrectly specified.
– NBC News and The Associated Press contributed to this report. Follow all developments on Wall Street in real time with CNBC Pro’s live market blog. Find out about the latest pandemics on our coronavirus blog.