12/11: General Market Review
Overview
Today, the DJIA rose 0.09%, the S&P 500 fell 0.17%, and the Nasdaq Composite was down by 0.23%. New York and several states have been forced to impose newer restrictions with the continued surge in Covid cases. However, the FDA plans on granting emergency use authorization for the Pfizer BioNTech vaccine, some expecting the vaccine to begin rollout in the US as soon as Monday. Energy stocks fell today as investors took this week of strong gains as profits. As for tech, Mastercard fell over 1% after it lost its appeal in a $18.5 billion class action lawsuit in the UK over allegations that the company overcharged millions of customers. Qualcomm fell 7% over fears of losing business as Apple began making its own cellular modem chip. Walt Disney rose 14% as its outlook has topped their previous forecasts, because it hopes to increase direct-to-consumer services by 50 million by 2024.
Stimulus Update
Today, the stopgap spending bill was passed by the Senate. The approved stopgap spending bill bought lawmakers a week to resolve disagreements over the stimulus package. There is a setback in resolving disagreements after Senate Majority Leader Mitch McConnell indicated that parts of the bipartisan stimulus package, including local and state government support, wouldn’t be supported by Republicans.
