Big week for market ahead | What do rising rates mean? | Cramer's playbook
| EDITOR'S NOTE
Wall Street struggled last week amid the mixed messages out of Washington regarding new fiscal stimulus.
The Dow Jones Industrial Average and S&P 500 fell 0.95% and 0.5%, respectively, for the week for their first weekly loss in four weeks. The Nasdaq Composite dipped 1% over that time period, snapping a four-week winning streak.
House Speaker Nancy Pelosi, D-Calif., expressed optimism over the direction of coronavirus aid talks. However, she also warned on Thursday it could take "a while" for Democrats and Republicans to write and vote on a bill.
Treasury Secretary Steven Mnuchin also said last week that both sides were making progress on the negotiations, though he noted on Friday that Pelosi was still "dug in" on some issues and added there are "still some significant areas that we're working through."
This back and forth has left investors on edge as the U.S. economy continues to recover from the coronavirus pandemic and the presidential election nears.
"I think everyone is in wait-and-see mode," said Mike Katz, partner at Seven Points Capital. "Every headline makes the market move a little bit, but there's no follow-through because we don't have a clear picture on that front."
Wall Street will have even more to deal with in the new week, with nearly 170 S&P 500 companies scheduled to report their latest quarterly numbers. Among those companies are Apple, Amazon, Facebook, Honeywell, Boeing and Caterpillar.
The first look at third-quarter GDP is also on deck for Thursday morning, which could show a big bounce in growth from the depths of the second quarter.
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MICHAEL SANTOLI'S MARKET COLUMN
THE WEEK AHEAD
ACTIVIST SPOTLIGHT
YOUR WEEKEND BRIEFING
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