What happened to the stock market Monday: Dow rallies, Nasdaq struggles


The “Fearless Girl” statue stands in front of the New York Stock Exchange (NYSE) at Wall Street on June 29, 2020 in New York City.

Angela Weiss | AFP | Getty Images

Dow Jones Industrial Average rises 357 points

Trump signs executive orders on coronavirus relief

Over the weekend, President Donald Trump signed executive orders that continue the distribution of expanded unemployment benefits, defer student loan payments through 2020 and provide a payroll tax holiday. Still, Trump’s orders face a legal challenge as continuing the programs would require federal funding, which Congress controls. “While this move by Trump may lead to legal challenges, politically it puts pressure on Congress to reach a deal,” notes one market expert.

Boeing and Caterpillar lead Dow higher, Big Tech struggles

Boeing and Caterpillar rose 5.5% and 5.3%, respectively, to lead the Dow higher. Those gains helped offset losses from shares of major tech companies. Microsoft slid 2% and Facebook dipped 2%. Amazon slid 0.6%.

What happens next?

BioNTech is set to report earnings on Tuesday. Producer price index data is also set for release.

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