Treasury Secretary Steven Mnuchin's proposal for a $916 billion pandemic relief package is seen by some as boosting the chances of reaching a deal. It is the first move by the Trump administrationsince Election Day, and comes a week after Democrat leaders in Congress dropped their demands for a multi-trillion dollar package. House Speaker Nancy Pelosi and Senate Democratic leader Chuck Schumer called it progress but seemed to prefer to concentrate on the bipartisan negotiations already underway. There is a possibility of movement on the latter, with Senate Majority Leader Mitch McConnell suggesting for the first time he would be willing to set aside his demands for business liability protection.
Shares of DoorDash will begin trading on the NYSE this morning under ticker symbol "DASH" after pricing its IPO at $102 apiece, way above its upwardly revised target range. That would raise $3.37B at a valuation of around $38B (more than double its $16B valuation in June) after benefiting from a surge in demand for food delivery services due to COVID-19 restrictions. A day after DoorDash's debut, Airbnb (ABNB) is set to begin trading, followed by videogame company Roblox (RBLX) and the parent of online retailer Wish, ContextLogic (WISH)
U.K. Prime Minister Boris Johnson heads to Brussels this evening for a dinner with European Commission President Ursula von der Leyen that's being cast as a last chance to unlock stalled Brexit negotiations. If all goes well, the two sides could be back in a room hammering out trade details within days, but if it goes badly, a tumultuous no-deal Brexit may be on the menu in three weeks' time.
With Northwest Quadrant Wealth Management a Registered Investment Advisor I am Josh Fenili.