Dow jones set for big drop as new daily covid-19 cases hit records

On Monday dow futures pointed to a sharp decline at after daily coronavirus cases hit a record high Friday of 83,757. New infections on Saturday nearly matched that level. Cases are also spiking in Europe, with various degrees of restrictions going back into effect.

Stocks were mixed on Friday, as the Dow and S&P 500 snapped three-week winning streaks and Nasdaq broke its four weeks of gains. It’s a busy week ahead on Wall Street, with about a third of the S&P 500 companies reporting quarterly results this week, including big tech companies.

New home sales for September are out at 10 a.m. ET on Monday. The first look at third-quarter GDP is out Thursday morning, with economists expecting a 32.5% bounce-back in economic growth. Friday brings the final day of October trading.

With eight days until Election Day, nearly 59 million ballots have been cast so far, exceeding all the early and absentee voting in the 2016 presidential cycle. A total of more than 136 million people voted in the election four years ago. As of Sunday, Democrats registrants cast 51% of all ballots reported compared to 31% from Republicans.

Federal appeals judge Amy Coney Barrett is expected to be confirmed by the Senate on Monday as a justice on the Supreme Court, bringing an end to the Democrats’ fight to prevent the vote until after the Nov. 3 election. The 48-year-old judge is set to fill the seat of the late liberal powerhouse Justice Ruth Bader Ginsburg, solidifying the court’s conservative edge to 6-3.

Senate Democratic leaders are asking Vice President Mike Pence to stay away from presiding over Monday’s session due to potential health risks after his aides tested positive for Covid-19. Pence’s tie-breaking vote is not expected to be needed.

House Speaker Nancy Pelosi said she expects to hear from the White House on Monday on updated language on a coronavirus relief measure. Pelosi and White House chief of staff Mark Meadows on CNN on Sunday accused each other of moving the goal posts in stimulus talks that have been off and on over the past several months.

Both sides are trying to reach a deal before the Nov. 3 election. Meadows also said, “We’re not going to control the pandemic … because it is a contagious virus just like the flu.” Pelosi said, “To do anything, though, that does not crush the virus is really official malfeasance.”

In addition to two days each in excess of 83,700 new coronavirus cases in the U.S., infections grew by 5% or more over the past week in 37 states as of Friday, according to a CNBC analysis of Johns Hopkins data. The nation is reporting roughly 63,200 daily new cases based on a weekly average, a more than 14% increase compared with a week ago.

Dow jones set for big drop as new daily covid-19 cases hit records via @MasterMindUpdate
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