>Posted on 10/26/2020 8:30:47 AM PDT by Yo-Yo
Stocks decline sharply as coronavirus infections surge and stimulus negotiations remain at a stalemate.
Stocks declined sharply Monday to kick off a week heavy with earnings from U.S. tech giants as coronavirus infections surged, stimulus negotiations remained at a stalemate and investors prepared for the presidential election just more than a week away.
The Dow Jones Industrial Average dropped 721 points, or 2.55%, to 27,613, the S&P 500 tumbled 2.15% and the Nasdaq slumped 1.73%.
Stocks closed mostly higher Friday but the S&P 500 fell 0.5% for the week, its first weekly loss in four, after negotiations between the White House and House Democrats on more economic aid for the struggling U.S. economy didn't make much headway. The Dow declined 1% for the week and the Nasdaq fell 1.1%.
House Speaker Nancy Pelosi said Sunday the House could pass a relief package this week but "that's up to (Senate Majority Leader) Mitch (McConnell) as to whether it would happen in the Senate and go to the president's desk, which is our hope and prayer."
Pelosi said she sent the White House a list of remaining concerns she had on Friday and hopes to have answers on Monday.
White House economic adviser Larry Kudlow told CNBC Monday that while stimulus talks had slowed down they were still ongoing.
Meanwhile, coronavirus infections in the U.S. hit a single-day record of 85,000 on Saturday. Deaths in the U.S. have passed 225,200, according to Johns Hopkins University.
The World Health Organization’s director general, Dr. Tedros Adhanom Ghebreyesus, said the northern hemisphere faces a “dangerous moment” as Covid-19 cases have surged.
"As the market braces for a pretty action-packed week ahead, the ground may seem a bit shaky as the (S&P 500) broke a three-week winning streak, Covid cases are ramping up, and stimulus relief is still a big question mark," said Chris Larkin, a managing director at E*Trade. "But for some perspective, all in all, October hasn’t totally lived up to its notoriously volatile reputation, so far. And with the election about a week away, November could take the cake when it comes to volatility depending on timing of the outcome."
Apple, Amazon, Microsoft, Alphabet, Facebook and AMD are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stocks? Learn more now.
Data from Refinitiv said third-quarter earnings will fall 16.7% from last year to a share-weighted total of $287.8 billion, before contracting by around 12.4% during the fourth quarter. Of the 135 companies reporting so far this quarter, 83.7% have beaten Wall Street forecasts, well ahead of the typical pace of about 70%.
Dunkin' Brands (DNKN) - Get Report confirmed it was in talks to be acquired by Inspire Brands, which is owned by private-equity firm Roark Capital.
Another good day to buy
>Bingo!! October surprise!! So predictable!!! The mediaSNAKES are wall to wall coverage of the china virus and Trump’s super spreader rallies!! No need for a Cryrtal ball...We knew something was going to come down the pike with the last days before the election...so predictable!!
I think he would have but Nancy needs to sign on .
Look the Democrats have tried everything absolutely everything to try to destroy Trump
As one brilliant Hollywood leftist stated this Covid thing is a gift from heaven
Now of course they had their giant riots there after the George Floyd incident and that distracted everything for a while
But then they ramped up the Covid Covid Covid Covid crap in July and I’ve been going nonstop ever since
It was telling on the Sunday show where that idiot governor Whitmer was on with one of those idiots and she was asked about the Hunter Biden laptop and she kept trying to go back to Covid and she would not get off of that message
And anyone who’s been paying any attention at all knows the incredible work that this administration did at the very beginning of this crisis banning China banning Europe authorizing the defense production act mobilizing the Army National Guard building hospitals putting hospital ships in New York and LA building ventilators and so on and so forth
Joe the moron corrupt Senior Biden actually went as far as to say 200,000 people are dead like it’s trumps fault
So of course here the week before the election the fake news is going to generate all the scare stories of oh it’s surging it’s surging it’s the end of the world coronavirus coronavirus coronavirus!!!
I can tell you I live in a very liberal community and they’re all sick and tired of this crap sick and tired of lockouts want the kids to go back to school and everything open back up
So good luck with your schemes there , shut down Democrats
I don’t think it’s going to serve you very well here in about another week
I’ve been waiting for another major drop.
**************
Buy on weakness, sell on strength. :)
You could be right - very possible...
Just because you’re paranoid doesn’t mean they’re not after you.
I took a quick peek: social media stocks are down; Amazon is up. Doesn’t look like Covid-19 or consumer spending has anything to do with it.
It was telling on the Sunday show where that idiot governor Whitmer was on with one of those idiots
*************
Too much idiocy on those Sunday shows for me. Idiocy on parade. I can’t watch any of that vacuous garbage.
Weird since Biden just said that stocks were up because he was going to win. Does this mean he’s going to lose?
Also — if they don’t do a stimulus this week, they will next week, or the week after. if not this month, next month. stimulus hold-up is a short-term thing.
Exactly and there are a lot of those emotional voters!
He had a bill, but the senate democrats won’t let it come to the floor for a vote, and McConnell is not going to have republican support to bust the filibuster just to give democrats more money.
Fake, staged, rehearsed, planned...billionaire leftist and hedge funds planning with Soros, Fauci, others, like Steyer...Barret will get about 20 seconds on the “news” tonight, whereas, “SURGE! Coronavirus Pandemic most cases ever!” “Voting in person should be cancelled!”
Last resort—Crash the markets to stop Trump.
Desperation time.
His bill did not include what a Trump asked for - checks for the unemployed. McConnell is a devious sh-t who wants Trump to lose
I think there is a general underestimation of the degree to which China (meaning the CCP) is behind this. I don’t think even the DNC understands how deadly serious the CCP is or could be.
We conservative folks think there has hardly been a greater amount at stake than in this election. Little things like freedom. I agree.
The CCP has MORE at stake. Freedom means nothing to them, it’s a hindrance. Should Biden win, the CCP will have about 60% conquered the US, without firing a shot. They will have in large part destroyed the idea behind America...a goal shared by Russia and Iran. No nuke exchange, no massive loss of life, etc; If the US is willing to create and pump 2-3-4 trillion into our economy in an effort to stave off a general collapse, China stands to grab a third or more of that should Biden win. All the damaging sanctions against either one will vanish. China has never had a better opportunity to seize dominance over the US. I can’t believe they have anything resembling a casual laissez faire attitude about that prospect. They mean business. We mean bathroom gender ambiguity. This is a war for them, nothing short of it.
So much corruption...timed to hurt Trump in the election. Probably big tech liberals and Soros with mass selloffs to send the trajectory downward and scare middle income investors.
I do believe that this is a last ditch effort by the socialist bastards to crater the markets in order to hurt Trump.
“Neither the covid “surge” nor the stimulus is of much relevance to anything. Let the markets fall for a few days, then rise Friday and .Monday and Tuesday.”
While the alleged China virus surge has nothing to do with stock movement at this point the stimulus would have some effect on the markets.
Mostly the libs at CNBC as well as whomever else jumps on the bash/blame Trump band wagon will claim the selloff is because of the virus and lack of stimulus.
I advise Trump to get a stimulus package through this week even if it includes the big blue bailout.
Him winning reelection to the Presidency trumps all else.
Economic improvements would help that happen.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.