Stimulus Plan Gains Traction, Jobless Claims, OPEC+ Meets - What's up in Markets

Photo: Reuters

Investing.com -- Joe Biden and Nancy Pelosi back the bipartisan $908 billion stimulus plan. The Organisation of the Petroleum Exporting Countries (OPEC) meets with Russia and others to decide on its output policy for the next couple of months. Weekly jobless claims are due, Dollar General and Krogers report earnings and the dollar just keeps going down, down,

1. Democrats back compromise stimulus plan

Top Democrats threw their weight behind a bipartisan proposal for a coronavirus relief package worth $908 billion, putting pressure on Senate Leader Mitch McConnell to drop his plan to bring a more modest package back to the floor of the upper chamber.

President-elect Joe Biden, House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer all said the bill would be acceptable as a starting point.

2. Jobless claims, Challenger job cuts survey due

The U.S. will release jobless claims data for last week at 8:30 AM ET (1130 GMT), sandwiched between two monthly labor market surveys for the month through mid-November. There’s also the Challenger monthly job cuts survey at the same time, and the Institute of Supply Management (ISM) non-manufacturing survey at 10 AM.

Analysts expect initial claims to fall for the first time in three weeks to 775,000, but the last two reports have both indicated layoffs running at a higher pace that expected as various restrictions on business and social life hit the hospitality industry hard, in particular.

3. Stocks set to open mixed

U.S. stock markets are set to open mixed, with the rotation into cyclicals and value stocks having lost momentum on Wednesday against a backdrop of weak economic data.

Read more from the original article:

https://www.investing.com/news...