5 things to know before the stock market opens Monday – CNBC
1. S&P 500 takes aim again at February’s record close
U.S. stock futures were steady Monday morning, with the S&P 500 less than 1% away from its record close of 3,386.15 on Feb. 19. The index traded above that level on Wednesday and Thursday, but failed to close at a record.
The S&P 500 has yet to exceed its all-time intraday high of 3,393.52, which was also reached on Feb. 19 before the market tanked to its coronavirus low of 2,191.86 on March 23. Despite Friday’s slightly lower close, the S&P 500 gained over 0.6% for the week and stands nearly 54% above its March 23 low heading into Monday’s trading day.
2. Pelosi calls House back over Postal Service concerns
US Speaker of the House, Nancy Pelosi, Democrat of California, holds her weekly press briefing on Capitol Hill in Washington, DC, on August 13, 2020.
Jim Watson | AFP | Getty Images
Speaker Nancy Pelosi is calling the House back into session, cutting lawmakers’ summer recess short as concerns grow among Democrats over whether the Trump White House is trying to undermine the U.S. Postal Service ahead of the election. Many Americans are expected to vote by mail to avoid going to polling places during the coronavirus outbreak. The House Oversight Committee plans to hold a hearing next Monday, calling on Postmaster General Louis DeJoy and Postal Service board of governors Chairman Robert Duncan to testify. NBC News reported Friday that DeJoy wrote in an internal memo that his sweeping operational changes have brought “unintended consequences.”
3. New coronavirus cases drop as CDC clarifies guidance
Director of the Centers for Disease Control and Prevention Dr. Robert Redfield wears a face mask while he waits to testify before the House Committee on Energy and Commerce on the Trump Administration’s Response to the COVID-19 Pandemic, on Capitol Hill in Washington, DC, U.S. June 23, 2020.
Kevin Dietsch | Reuters
Daily new coronavirus cases in the U.S. fell to about 42,000 on Sunday, according to data from Johns Hopkins University. That’s down 45% from the peak at over 77,000 on July 16 and the lowest total since June 29.
The Centers for Disease Control and Prevention is clarifying that its updated quarantine guidance does not imply people who are infected with Covid-19 are immune to reinfection for three months.
A survey run by CNBC in partnership with global data and survey firm Dynata suggests that almost 40% of people in the U.S. had to wait more than three days for their Covid test results — too late to be clinically meaningful.
4. Biden leads Trump heading into this week’s Democratic convention
Joe Biden and Donald Trump
Ron Adar | Echoes Wire | Barcroft Media via Getty Images; Mandel Ngan | AFP | Getty Images
Joe Biden takes a 9-point lead over President Donald Trump into this week’s Democratic convention, according to the latest national NBC News/Wall Street Journal poll. The former vice president holds double-digit advantages over Trump on the coronavirus, immigration, health care, race relations and uniting the country.
On the convention program, ex-rival for the Democratic presidential nomination Sen. Bernie Sanders speaks Monday night. Biden running mate Sen. Kamala Harris and former President Barack Obama close out Wednesday night. The convention wraps up Thursday night, with Biden officially accepting the Democratic presidential nomination.
The Republican National Convention runs next week, with the GOP set to nominate Trump for reelection.
5. Buffett’s Berkshire Hathaway adds stake in a gold miner
Gerry Miller | CNBC