CNBC.com’s MacKenzie Sigalos brings you the day’s top business news headlines. On today’s show, CNBC’s Eamon Javers breaks down what to watch as lawmakers leave D.C. without reaching a deal on a new round of economic relief for the coronavirus pandemic. Plus, CNBC’s Kate Rooney tells us about the stock-picking strategies of two very different groups of investors: millennials and baby boomers.
An impasse over the next round of coronavirus aid looks likely to drag on after Democrats and Republicans described themselves as hopelessly far apart on a deal to combat raging economic and health-care crises.
An agreement on legislation, let alone passage of a bill, looks weeks away. The Senate wrapped up its session Thursday afternoon and will not return this month unless negotiators strike an agreement. The House had already left Washington for all of August pending a deal on pandemic relief.
The S&P 500 closed lower on Thursday after flirting with its record high from February as traders digested better-than-expected unemployment data and monitored the stalemate in stimulus negotiations.
The S&P 500 fell 0.2% to 3,373.43. It briefly crossed its record closing high of 3,386.15 earlier in the session. The Dow Jones Industrial Average was down by 80.12 points, or 0.3% at 27,896.72. The Nasdaq Composite outperformed, rising 0.3% to 11,042.50.
More than 1,200 Amazon delivery drivers have been laid off in recent months after the company cut contracts with several small delivery companies across the country.
Amazon informed at least seven firms that are a part of its delivery service partner, or DSP, program that it was severing their contracts. The companies announced they’d be laying off approximately 1,205 drivers and pulling out of Amazon facilities in Worker Adjustment and Retraining Notification, or WARN, filings submitted this month and in recent months to state officials. The WARN Act requires employers to provide advance notice, generally within 60 days, of mass layoffs and plant closings.