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Wall Street slides down as Mnuchin says it’s difficult to stimulate before the election

A spokesman for Pelosi said US House Speaker Nancy Pelosi and Mnuchin had productive discussions on the bailout plan, but the lack of a country’s strategic pilot plan remained a “major area of ​​disagreement.” .. He added that they would speak again on Thursday.

“The market is a little worried about the lack of such additional support in the coming months of the vacation,” said Thomas Hayes, chairman of Great Hill Capital in New York.

“This was considered a bridge to a complete remedy or vaccine, but if everything was delayed and without stimulation, the short-term bridge needed to reach the vaccine and reach the finish line would be. There is none. “”

With diminished expectations for federal aid deals and the discontinuation of COVID-19 vaccine and treatment trials, the three major stock indexes have been pulled back from their monthly highs, but investors have been able to recover since November 3 Withholding stimulus measures. Presidential election.

Goldman Sachs rose as trading business power helped a 94% surge in quarterly profits, while Bank of America and Wells Fargo received disappointing results of 4% and 5.4%, respectively. It was dropped.

The S & P 500 Banking Index fell 1.4% as the third quarter earnings season began, as expectations for the extent of the overall profit decline of S & P 500 companies improved.

Analysts forecast revenues to decline 18.9% year-on-year, compared to a 25% decline on July 1, according to Refinitiv IBES data.

Markets are also beginning to digest the prospect of a Democratic victory, according to strategists and fund managers.

Many investors see Democratic candidate Joe Biden as likely to raise taxes, but at the potential interests of President Biden, including increased infrastructure spending and reduced global trade uncertainty. I’m pointing out more and more.

Energy stocks rose the most among the major S & P sectors against the backdrop of rising oil prices.

UnitedHealth Group said it was difficult for US insurers to predict the impact of the COVID-19 pandemic on earnings, so it fell 2.8% despite raising profit forecasts.

The number of diminishing issues outweighs the 1.18: 1 advantage on the New York Stock Exchange and the 1.60: 1 advantage on NASDAQ.

The S & P Index recorded 22 new 52-week highs and no new lows, while Nasdaq recorded 100 new highs and 9 new lows.

Reuters

Place of originWall Street slides down as Mnuchin says it’s difficult to stimulate before the election

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