US stocks were mixed on Monday, with the Dow Industrials and the S&P 500 index moving lower and the Nasdaq rallying. Most S&P 500 index sectors were lower, led down by Energy shares; Utility shares bucked the trend. The Trump Administration announced a slew of new sanctions against China continuing their fight. This comes as Congress is attempting to put together an emergency stimulus package before Congress leaves for vacation. Oil prices slide on Monday, weighing on Energy shares. The VIX volatility index jumped higher and remains elevated relative to 2019. Bitcoin prices slid, while the dollar consolidated.
The Trump Administration Continues To Fight China
The Trump administration looks set to continue its fight against China in its final days. Reports suggest that a new list of sanctions levied on 12 Chinese individuals could be released soon. This list is said to include several high-ranking officials that are being targeted for their role in the recent issues surrounding Hong Kong.
Stimulus Assistance Could be on the Way
Congress is attempting to put together a coronavirus relief package this week and prevent a lapse of benefits that could send millions of Americans spiraling further into financial peril at the end of the year. A group of bipartisan lawmakers hopes to release a more detailed outline of its $908 billion aid proposal as it prepares legislative text. Democratic leaders have backed the plan as the basis for an emergency relief bill as a sustained Covid-19 infection surge stresses hospitals across the country. Lawmakers aim to pass both pandemic aid and spending legislation before the government shuts down Saturday.