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Shoppers ready for Prime Day; Supreme Court confirmation hearings begin: What today's headlines mean for your money

Supreme Court confirmation hearings begin for Judge Amy Coney Barrett; shoppers prep for Prime Day.

Judge Amy Coney Barrett, President Donald Trump's nominee for the US Supreme Court, meets with Senator Jerry Moran, R-KS on Capitol Hill in Washington, DC on October, 1, 2020.
Manuel Balce Cenata | AFP | Getty Images

Traders are watching for stimulus progress; Supreme Court confirmation hearings begin; and shoppers ready for Prime Day sales. Here's how the headlines could affect your money.

Market rises on stimulus hopes

Major indexes rose Monday morning as traders monitored stimulus package progress. The gains come after a strong week for the market: The S&P gained 3.8% and the Nasdaq 4.6% for their best weeks since July, while the Dow rose nearly 3.3% for its best week since August.

Stimulus talks contributed to the boost: The White House increased its offer to $1.8 trillion Friday, only $400 billion short of the rebooted HEROES Act that House Democrats passed this month. 

A new stimulus package is far from a done deal. Both Democrats and Republicans have expressed opposition to the White House proposal, but Press Secretary Kayleigh McEnany said Monday that she believes "Senate Republicans would ultimately come along with what the president wants."

While stimulus updates may continue to move the market, remember that it's smart to keep your investing focus on the long term.

Supreme Court confirmation hearings begin

The Senate Judiciary Committee begins Supreme Court confirmation hearings for Judge Amy Coney Barrett. Committee Chairman Lindsey Graham has said that he expects the committee to approve the judge by next week, which would allow a Senate vote before Election Day.

The selection of justices can have an impact on your finances. If confirmed, one of the first cases Barrett would rule on could decide the future of the Affordable Care Act, which, among other provisions, ensures that Americans with preexisting conditions can't be denied coverage.

How to prepare for Prime Day

Amazon's highly anticipated Prime Day begins at midnight PT (3 a.m. ET) Tuesday, with more than 1 million items discounted over the 48-hour sale.

Experts suggest setting app notifications so you get an alert when prices drop. And don't forget to shop around and compare prices: Target, Walmart, and Best Buy are among the retailers offering competing sales.

How to successfully use a cash-back credit card

Video by Mariam Abdallah

Words you've heard: Confirmation hearings

The Constitution gives the president the power to nominate candidates for various government offices, including justices of the Supreme Court. A Senate committee holds confirmation hearings to gather information and approve the president's choice before putting it before the whole Senate for a vote.

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

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