Stocks ended Monday's session mixed as investors tried to continue last week's gains even as Congress struggles to reach a compromise on a new coronavirus economic relief package. Over the weekend, President Donald Trump issued a set of executive orders in order to keep federal stimulus afloat for the month of August, but substantial relief will only come with the passing of new laws for Capital Hill. Trump's executive orders implement an additional $400 weekly federal unemployment insurance benefit, extended relief for student loan borrowers, a payroll tax holiday, and a pause on residential evictions and foreclosures.
Here's how the market settled to open the week:
S&P 500 Index (SPY ): +0.27% or +9.19 points to 3360.47
Dow Jones Industrial Average (DIA ): +1.30% or +357.96 points to 27,2791.44
Nasdaq Composite Index (QQQ ): -0.39% or -42.63 points to 10,968.36
For Major Stock News, Kodak (KODK ) shares fell nearly 30% on Monday after the U.S. International Development Finance Corporation put its $765 million federal loan on hold while the company remains under investigation for how it disclosed the loan. The federal agency tweeted: "Recent allegations of wrongdoing raise serious concerns. We will not proceed any further unless these allegations are cleared." According to the Wall Street Journal, Amazon (AMZN ) is in talks with Simon Property Group (SPG ) to use old department store spaces as fulfillment centers. Airline stocks--American (AAL ), Delta (DAL ), Southwest (LUV ) and United (UAL )--rose after the Transportation Security Administration stated that it had screened over 800,000 people at U.S. airport checkpoints on Sunday, a large uptake from the industry's pandemic lows.
For Stock Sector Performance, industries ended Monday's session split between gains and losses. The sectors that led performance gains were Energy +3.08%, Industrials +2.43%, Materials +0.99%, Consumer Discretionary +0.68%, Financials +0.64% and Consumer Staples +0.45%. The rest that fell on Monday were Communication Services -0.46%, Health Care -0.34%, Information Technology -0.33%, Real Estate -0.16% and Utilities -0.10%.
For Commodities and Currency, the U.S Dollar (UUP ) gained some strength against major global currencies on Monday focused on the highly anticipated second federal coronavirus stimulus package. The dollar index rose 0.2%. Crude oil prices also increased on stimulus hopes, with Brent Crude (BNO ) climbed 1.9% to $45.22 per barrel, while West Texas Intermediate (USO ) gained 1.7% to $41.94 each. Gold (GLD ) fell back from its record heights on Monday, with spot gold falling 0.2% to $2,030.26 per ounce, while futures increased 0.6% to $2,039.79 per ounce.
For Tuesday, investors will be following continued federal stimulus talks as well as fresh quarterly earnings from companies like BioNTech (BNTX ).