7/28/20 Market Notes
U.S. equity markets started the week on a positive note as the S&P 500 rose 0.74%, the Dow Jones Industrial Average rose 0.43%, and the Nasdaq Composite rose 1.67%. However, the futures this morning look to disrupt this momentum, with the major indices pointing to a soft opening.
The highly anticipated GOP coronavirus relief plan was unveiled after the bell yesterday, including relief for unemployed Americans, another round of direct payments to individuals of up to $1,200, more small business loan funds, among other provision. Senate Majority Leader Mitch McConnell said that the bill would set federal unemployment insurance at 70% of a worker’s previous wages rather than the flat $600 enhancement that stopped paying out this week. Now that the bill has been announced, investors will be looking for updates from Congress as they negotiate, and hopefully pass, another package before the legislators leave for their August recess on August 10.
Today we have a full slate of companies reporting results as earnings season continues in high gear. 3M, McDonalds, Pfizer, JetBlue and Raytheon are set to report before the opening bell with Visa, Advanced Micro Devices, Amgen, eBay, Mondelez International and Starbucks reporting after the bell.
Disclosures: This market commentary is written by the 1879 Advisors® and represents the views of 1879 Advisors®. This commentary is not investment advice and should not be used as a basis to make investment decisions. Please consult with your registered investment advisor before making any investment decisions.