- S&P 500 Index slips 1.6%, Nasdaq 100 loses 1.8%, and Dow Jones industrial average falls 1.4%, as negotiations over a new stimulus package falter.
- WTI crude down 0.7% to $40.59 a barrel and Brent down 1.1% to $42.43 a barrel.
- Gold futures decline 0.1% to $1,904.20 an ounce.
- Crown Resorts chair Helen Coonan returns to give evidence to NSW inquiry
U.S. stocks fell to the lowest in almost two weeks as Congress remained apart on a fresh government spending deal, denting hopes for a breakthrough before the election.
The S&P 500 Index fell more than 1.5 per cent as opposition to a sizable aid package hardened in the Republican-controlled Senate and the House Speaker told her caucus that negotiators are still trying to reach a deal.
Data showed key parts of the American economy are slowing two weeks ahead of the vote, while Federal Reserve officials warn the growth will slow without additional federal spending.
Futures had advanced overnight on signs of progress toward a deal and the latest data from China showing its economy continues to rebound. The 10-year Treasury yield rose above 0.76% and the dollar weakened versus major peers.
“As the hope for stimulus before the election fades, the market kind of fades with it,” said Christopher Grisanti, chief equity strategist at MAI Capital Management. “The market was pricing in some kind of stimulus and without it there’s disappointment.”
In Europe, stock slumped while the pound jumped by the most since August as British officials signaled they were ready to water down controversial lawbreaking Brexit legislation, a move which could reopen talks with the European Union over future trading relationships.
Elsewhere, oil dropped before an OPEC+ meeting to assess the state of the market as demand comes under pressure from the threat of new virus restrictions.
And welcome to Tuesday’s Markets Live blog.
Your editor today is Lucy Battersby, ably assisted by Emma Koehn.
This blog is not intended as financial advice.
Source: Thanks smh.com