USA markets fall as Mnuchin douses hopes of pre-election stimulus deal

Daniel Fowler
October 17, 2020

US-listed Chinese companies traded mostly lower, with six of the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on a downbeat note. Pfizer's stock gained 3.4%.

As of writing, the S&P 500 Index was down 1% on the day at 3,453, the Dow Jones Industrial Average was losing 0.6% at 28,514 and the Nasdaq Composite was falling 1.05% at 11,859.

The S&P index recorded 49 new 52-week highs and no new low, while the Nasdaq recorded 80 new highs and 12 new lows.

Drugs giant Pfizer has indicated it could file for emergency use authorization from the US Food and Drug Administration by late November for the COVID-19 vaccine it is making working on with BioNTech.

Markets have also begun to digest the prospect of a Democratic victory, strategists and fund managers said.

USA markets fell for the second straight day on Wednesday after Treasury Secretary Steven Mnuchin cast doubt on the likelihood of another round of COVID-19 stimulus before November's election.

Jeweller Tiffany & Co posted come strong preliminary sales figures earlier in the morning but said it still expects to record a mid-single-digit percentage decline in sales despite now eyeing an increase in operating earnings, while United Airlines disclosed a quarterly loss of $8.16 per share, wider than the loss of $7.53 predicted by analysts.

Census Deadline Moved Up To Early Friday Morning
Lupardo says many people had concerns about opening up their doors to census takers during the height of the pandemic. Susan Housel, Volunteer Collier County Census Committee, says originally it was extended to October 31st.

Of the 11 major sectors in the S&P 500, seven ended the session in the black. Of those, 86% have cleared the low bar set by expectations, according to Refinitiv.

The main Wall Street indices have started Friday's session in the green as market sentiment was boosted by a better than expected set of USA retail sales figures.

Railroad operator Kansas City Southern shed 2.3% and transportation and logistics company J.B. Hunt Transport Services Inc tumbled 9.0% after the companies' quarterly results were hit dropping shipping demand.

The Dow Jones closed the day down 19 points Thursday after rebounding from a 300 point loss as the broader market fell for the third consecutive day.

The Dow and S&P 500 lost about six-tenths percent.

Advancing issues outnumbered declining ones on the NYSE by a 1.22-to-1 ratio; on Nasdaq, a 1.37-to-1 ratio favored advancers.

Volume on US exchanges was 8.82 billion shares, compared with the 9.31 billion average over the last 20 trading days.

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