Wall Street’s main indexes gained on Monday as investors looked past COVID-19 case increases, betting instead on more U.S. stimulus to revive a coronavirus-ravaged economy ahead of a week packed with quarterly earnings reports, including Apple’s.
Apple Inc, Amazon.com Inc, Facebook Inc and Alphabet Inc rose between 0.5% and 0.9%, and were among the top boosts to the S&P 500 and Nasdaq. The four FAANG companies are among the 189 S&P 500 companies expected to report results this week.
About 80% of the 130 S&P 500 firms that have reported so far have beaten a low bar of earnings estimates, according to IBES Refinitiv data.
[To]day, U.S. Senate Republicans are likely to unveil their $1 trillion coronavirus aid package, which would be negotiated with Democrats, ahead of the expiry of enhanced unemployment benefits on Friday.
Moderna Inc jumped 7.7% as it started a U.S. government-backed late-stage trial to assess its COVID-19 vaccine candidate in about 30,000 adults.
MacDailyNews Take: We’re a long way from agreement on the next round of U.S stimulus. Hopefully, the Senate, House, and the Trump administration can line up sooner than later on an effective and efficient stimulus package.