02/10/2020

Here’s what you need to know about Monday before you hit the door for the weekend.

A trader works on the floor at the closing bell of the New York Stock Exchange, December 30, 2019.
Here’s what you need to know about Monday before you hit the door for the weekend.
Close above 29,000?
The Dow Jones Industrial Average set a new intraday high on Friday, briefly topping the 29,000 level before finishing down slightly for the session.
If the Dow can finish above that level Monday, it will be the third new thousand-level threshold the index has broken through since the beginning of 2019.
The index finished up slightly for the week, booking a gain of less than 1% as stocks mostly shrugged off the tensions between Iran and the United States. The Nasdaq and S&P 500 posted similar gains for the week, but all the major indexes following a weaker than expected jobs report.
JP Morgan healthcare conference
The J.P. Morgan healthcare conference kicks off on Monday, with more than 450 companies slated to present over four days in San Francisco.
Jamie Dimon, the bank’s chief executive officer, and GlaxoSmithKline CEO Emma Walmsley are two of the keynote speakers for the event, which is expected to have about 9,000 attendees.
Biotech stocks often see big price moves around the conference. J.P. Morgan research analysts said in a note to clients that four stocks, including Amarin and Mirati Therapeutics, rose more than 30% during the week of the conference last year.
Over the past 19 years of the conference, biotech stocks have outperformed the S&P 500 during the week of the conference 84% of the time, J.P. Morgan said.
Last trades before bank earnings start
Monday marks the final session before earnings season begins in earnest on Tuesday, when Citi, J.P. Morgan Chase and Wells Fargo all reporting before the bell.
The week will be full of bank earnings, as Bank of America, Goldman Sachs and Morgan Stanley are also slated to release results.
Major banks generally posted positive results last earnings season, with shares of J.P Morgan, Bank of America and Morgan Stanley all rising after announcing results.
Bank stocks had a strong run to end 2019. The Financial Select Sector SPDR Fund rose roughly 9.9% in the final quarter of the year.
Major events (all times Eastern):
U.S. Treasury statement 2:00 p.m.