ECONOMIC SILUET: Big sell-off on Wall Street | Average daily Covid-19 cases at record

Senin, 26 Oktober 2020

Big sell-off on Wall Street | Average daily Covid-19 cases at record | Stimulus hopes crumble

MON, OCT 26, 2020

EVENING BRIEF

AS OF MON, OCT 26, 2020 • 04:31 ET

DJIA		27685.38
		-2.29%	-650.19

S&P 500		3400.97
		-1.86%	-64.42

NASDAQ		11358.94
		-1.64%	-189.35

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DOW
NAME	LAST	CHG	%CHG
AAPL	115.05	+0.01	+0.01%
INTC	46.72	-1.48	-3.07%
MSFT	210.08	-6.15	-2.84%

S&P 500
NAME	LAST	CHG	%CHG
AAPL	115.05	+0.01	+0.01%
GE	7.38	-0.25	-3.28%
AAL	11.80	-0.80	-6.35%

NASDAQ
NAME	LAST	CHG	%CHG
AAPL	115.05	+0.01	+0.01%
AAL	11.80	-0.80	-6.35%
AMD	82.23	+0.27	+0.33%

EDITOR'S NOTE

And just like that, the Dow Jones Industrial Average's gains for the month were gone.

The 30-stock average plunged 650 points, or 2.3%, on Monday as traders grappled with a rising number of coronavirus cases as well as the dimming prospects of U.S. lawmakers reaching a new stimulus deal before the election.

That decline erased the Dow's gain for October and marked the Dow's worst one-day performance since Sept. 3. The S&P 500 and Nasdaq Composite were also under pressure, falling more than 1.6% each.

"Stocks [began] the week in the red as challenging stimulus and coronavirus headlines disappoint a market that is ripe for disappointment," Willie Delwiche, investment strategist at Baird, wrote in a note. "These headlines and election-related jitters could serve a useful purpose IF they allow for a meaningful unwind in optimism while not inflicting significant broad market damage."

The decline was led by stocks with the most to lose from rising cases and a stalled stimulus plan. United Airlines, Royal Caribbean and Norwegian Cruise Line were among the worst-performing names in the S&P 500.

Monday's drop also comes as traders brace for next week's presidential election. Former Vice President Joe Biden maintains a sizable lead over President Donald Trump in national polls, although the gap has narrowed slightly as of late.

"With the election about a week away, November could take the cake when it comes to volatility depending on timing of the outcome," said Chris Larkin, managing director of trading and investment product at E-Trade.

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