• Dow closes slightly lower, snaps 3-week winning streak

    26 Oct 2020 | SET News

Dow closes slightly lower, snaps 3-week winning streak

The Dow Jones Industrial Average fell slightly on Friday to end a downbeat week as investors weighed the potential for additional fiscal stimulus.

The 30-stock average slid 28.09 points, or 0.1%, to 28,335.57 as Intel shares struggled. The S&P 500 gained 0.3% to close at 3,465.39 and the Nasdaq Composite closed 0.4% higher at 11,548.28.

Intel shares fell 10.6% following the release of mixed quarterly numbers for the chipmaker. The company’s earnings were in line with analyst expectations, but revenue from its data center business fell short of analyst estimates.

“I think everyone is in wait-and-see mode,” said Mike Katz, partner at Seven Points Capital. “There’s a lot of back and forth on stimulus and every headline makes the market move a little bit, but there’s no follow-through because we don’t have a clear picture on that front.”

The Dow and S&P 500 snapped a three-week winning streak and the Nasdaq posted its first weekly loss in five weeks. The S&P 500 lost 0.5% for the week. The Dow and Nasdaq dipped 0.95% and 1.1%, respectively.

Treasury Secretary Steven Mnuchin said Friday that House Speaker Nancy Pelosi, D-Calif., is “still dug in” on a number of issues regarding fiscal stimulus. He added: “If she wants to compromise, there will be a deal. But we’ve made lots of progress in lots of areas, but there’s still some significant areas that we’re working through.”

President Donald Trump also said Friday that he does not want the aid deal to bail out Democratic states. The major averages fell to their session lows on those remarks.

Traders have been keeping an eye on Washington in recent weeks as they gauge the prospects for new coronavirus aid to be pushed through. Several market experts and economists, including Federal Reserve Chairman Jerome Powell, think it is imperative that lawmakers reach a deal on another stimulus package.


Dow futures fall more than 150 points as U.S. coronavirus cases hit record high

Futures tied to major U.S. equity benchmarks traded lower in overnight trading Sunday as Wall Street headed for the last full trading week ahead of Election Day.

Dow Jones Industrial Average futures dipped about 150 points, indicating a loss of 190 points at Monday’s open. The S&P 500 futures and the Nasdaq 100 futures both fell 0.5%.

The decline in futures came amid a record surge in new coronavirus cases in the U.S. The country saw more than 83,000 new infections on both Friday and Saturday after outbreaks in Sun Belt states, surpassing a previous record of roughly 77,300 cases set in July, according to data from Johns Hopkins University.

White House chief of staff Mark Meadows said Sunday that the U.S. will not get control of the pandemic amid the surge in new cases. Vice President Mike Pence’s chief of staff and three aides tested positive for coronavirus, but his office said he will not quarantine himself.


Reference: CNBC

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