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Markets get a rocky start, Supreme Court nominee set for confirmation: The news and your money

Amy Coney Barrett expected to be named to Supreme Court, stimulus limbo, coronavirus shakes stocks.

Twenty/20

Stocks fall as stimulus hopes fade and new coronavirus cases climb, Judge Amy Coney Barrett is expected to be confirmed to the Supreme Court, and 58% of Americans might stop using cash. Here's how the headlines could affect your money.

Markets get a rocky start

Stocks are off to a rocky start this week thanks to concerns about recent spikes in coronavirus infections and little progress toward a stimulus package. All three major indexes were down Monday morning.

While White House economic advisor Larry Kudlow said recently on CNBC's "Squawk Box" that talks are ongoing, Chief of Staff Mark Meadows and House Speaker Nancy Pelosi in separate interviews blamed the other for moving the goalposts.

About a third of S&P 500 companies, including Apple, report earnings this week, which could boost stocks. Analysts will also look toward third-quarter gross domestic product Thursday.

Senate likely to confirm new Supreme Court justice

Judge Amy Coney Barrett is expected to be confirmed after the Republican-led Senate votes Monday. Barrett would replace the late Justice Ruth Bader Ginsburg on the Supreme Court.

One of the first cases she would hear could determine the fate of the Affordable Care Act, which guarantees health-care coverage to Americans with preexisting conditions.

VIDEO4:1504:15
Does your health insurance cover coronavirus

Video by David Fang

Americans are using less cash

Cash use among Americans was already down, and the coronavirus pandemic has accelerated that decline. A new poll of more than 2,000 adults shows that half of consumers are using less cash than before the crisis and 58% say they won't go back to it at all.

While many vendors have integrated online commerce amid the crisis, it could make sense for you to keep using paper money. Studies show you feel the "pain of paying" more when you use cash, which can help you curb impulse spending. 

Words you've heard: Pain of paying

The "pain of paying" is the idea that when you buy something, it triggers the same region of the brain as physical pain. New technology has made it easier to pay with plastic, but that can lead consumers to overspend. Using physical money, on the other hand, can make consumers more aware and more careful.

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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