Stimulus talks take a back seat; Oracle may be TikTok's new U.S. partner; and Walmart takes on Amazon in the drone wars. Here's how the headlines could affect your money.
The House of Representatives is back after summer recess, and the pressure is on to pass another Covid stimulus package. But Treasury Secretary Steven Mnuchin told "Squawk Box" that the government had bigger fish to fry, like making sure it can stay open. "The Speaker and I will be working on the CR [continuing resolution] this week," he said, "which is obviously a priority for us to make sure that we don't shut down the government."
On Thursday, the Republicans failed to advance their "skinny bill," which offered about $300 billion more in coronavirus relief, according to The Wall Street Journal — a third of their proposed amount from July and a far cry from the $3 trillion proposed by the HEROES Act, which passed the House back in June and never got a vote in the Senate.
Video by Jason Armesto
The White House had imposed a September 20 deadline for ByteDance to find a U.S.-based operator; otherwise, the app would be banned by September 29. President Donald Trump had opposed allowing TikTok to operate in the U.S. with fully China-based operations, citing user privacy concerns.
Oracle shares jumped 8.79% in pre-market trading on the news while Microsoft, which had been expected to make this deal, dropped 0.4%.
Walmart is partnering with Zipline to make on-demand drone deliveries of certain health and wellness products. Zipline builds drone aircrafts and until now was best known for its operations in Ghana and Rwanda.
Amazon received FAA approval for drones back in August.
The drones are just one area where the big-box company and the online giant are going head-to-head. On Tuesday, Walmart will unveil Walmart+, its answer to Amazon Prime. A membership to Walmart+ will cost $98 a year, while a membership to Amazon Prime costs $119.
Pre-market trading refers to the Wall Street buying and selling that occurs from 4 a.m. to 9:30 a.m. Eastern Time; in other words, before the regular trading hours of 9:30 a.m. to 4 p.m. Eastern. Don't confuse pre-market trading with terms like "early trading" or "morning trading," which are informal terms with no standard start and stop times.
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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