Breaking News
Black Friday SALE: Up to 54% off InvestingPro! Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

US STOCKS-Wall St slumps on rising virus cases, fading stimulus hopes

Stock MarketsOct 26, 2020 22:00
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window.)
* Travel-related stocks fall as COVID-19 cases soar
* Hasbro falls after reporting quarterly results
* Oracle down as rival SAP scraps medium-term margin goals
* Indexes down: Dow 1.3%, S&P 1%, Nasdaq 0.3%

(Updates to market open)
By Medha Singh and Shivani Kumaresan
Oct 26 (Reuters) - U.S. stocks fell sharply on Monday as
surging coronavirus cases and a stalemate in Washington over the
next fiscal aid bill darkened the economic outlook in the run up
to the Nov. 3 presidential election.
New infections have touched record levels in the United
States, with El Paso in Texas asking citizens to stay at home
for the next two weeks. In Europe, Italy and Spain imposed new
restrictions. Travel-related stocks that are vulnerable to COVID-19
related curbs including American Airlines AAL.O , United
Airlines Holdings UAL.O and Booking Holdings Inc BKNG.O fell
between 3% and 4.5%.
All major S&P sectors were trading lower with
economically-sensitive energy .SPNY , industrials .SPLRCI and
financials .SPSY recording the steepest percentage declines.
Wall Street's main indexes had ended lower last week as
investors closely monitored talks over the next round of fiscal
package, while economic data pointed to a stalling recovery.
U.S. House Speaker Nancy Pelosi on Sunday said the Trump
administration was reviewing the latest proposal for COVID-19
relief over the weekend and that she expected a response on
Monday. "The harsh reality is it's going to be very difficult to get
as much as the $2 trillion deal even if they have something
today or tomorrow," said Ryan Detrick, senior market strategist
at LPL Financial, North Carolina.
"It's not going to happen until after the election."
Meanwhile, more than 59.1 million Americans have already
voted in person or by mail as President Donald Trump and
Democratic challenger Joe Biden enter their final week of
campaigning. It is also one of the busiest week of the third-quarter
earnings season that will see results from mega-cap U.S. tech
firms including Apple Inc AAPL.O , Amazon.com Inc AMZN.O ,
Google-parent Alphabet Inc GOOGL.O and Facebook Inc FB.O .
Of the 135 companies in the S&P 500 that have reported
earnings so far, 83.7% of them have beaten Wall Street
expectations, according to Refinitiv data.
At 09:41 a.m. ET, the Dow Jones Industrial Average .DJI
fell 367.31 points, or 1.32%, to 27,968.26, the S&P 500 index
.SPX lost 32.08 points, or 0.93%, to 3,433.31 and the Nasdaq
Composite index .IXIC lost 34.94 points, or 0.30%, to
11,513.34.
Software company Oracle Corp ORCL.N fell 3% after its
German rival SAP SAPG.DE abandoned medium-term profitability
targets and cautioned its business would take longer than
expected to recover from the pandemic hit.
Hasbro Inc HAS.O fell about 7% despite beating analysts'
estimates for quarterly revenue and profit. Declining issues outnumbered advancing ones by 6.6-to-1 on
the NYSE and 0.3-to-1 on the Nasdaq.
The S&P index recorded two new 52-week highs and no new low,
while the Nasdaq recorded 20 new highs and 10 new lows.

US STOCKS-Wall St slumps on rising virus cases, fading stimulus hopes
 

Related Articles

Morgan Stanley Can See Dollar Tree at $170 Soon
Morgan Stanley Can See Dollar Tree at $170 Soon By Investing.com - Nov 27, 2021

By Sam Boughedda Investing.com — Morgan Stanley told investors Friday that it wouldn't surprise them to see Dollar Tree Inc (NASDAQ:DLTR) continue to drift toward the $170 to...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email