Here are five things you must know for Monday, Oct. 12:
1. — Stock Futures Edge Higher Amid Stimulus Uncertainty
Stock futures edged higher Monday amid uncertainty over the prospects for further fiscal stimulus and as investors prepared for quarterly earnings reports from the biggest banks in the United States.
Contracts linked to the Dow Jones Industrial Average rose 59 points, S&P 500 futures were up 23 points and Nasdaq futures rose 199 points.
Stocks closed higher Friday after the White House raised its coronavirus aid proposal to $1.8 trillion, up from $1.6 trillion. The offer, however, still remains below the latest proposal of $2.2 trillion from Nancy Pelosi and House Democrats.
Pelosi rejected the latest Trump proposal as “one step forward, two steps back,” but said she was still hopeful progress can be made toward a relief package.
“I remain hopeful that (Friday’s) developments will move us closer to an agreement on a relief package that addresses the health and economic crisis facing America’s families,” Pelosi said in a letter to Saturday to colleagues.
The Dow last week jumped 3.3%, the S&P 500 rose 3.8% – its best week in three months – and the Nasdaq gained 4.6%.
2. — JPMorgan Chase and Citigroup Kick Off Earnings Season
Earnings reports are expected this week from JPMorgan Chase (JPM) – Get Report, Citigroup (C) – Get Report, Bank of America (BAC) – Get Report, Wells Fargo (WFC) – Get Report, Goldman Sachs (GS) – Get Report, Morgan Stanley (MS) – Get Report, Johnson & Johnson (JNJ) – Get Report, Delta Air Lines (DAL) – Get Report, United Airlines (UAL) – Get Report, UnitedHealth