S&P, Dow muted with eyes on more stimulus, Powell address


In this news, we discuss the S&P, Dow muted with eyes on more stimulus, Powell address.

(Reuters) – The S&P 500 and Dow Jones hovered at nearly three-week highs on Tuesday as investors looked for signs that Washington was close to agreeing on more fiscal stimulus, while ‘A massive sell off in some of the biggest tech stocks weighed on the Nasdaq.

House of Commons Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke on the phone about new relief measures on Monday and were preparing to speak again on Tuesday.

Six of the top 11 S&P indices were trading higher, with the gains led by the struggling energy sector .SPNY. .SPLRCR real estate and .SPLRCL communications services were among the biggest declines in early markets.

“(There) appears to be a slight reduction in risk to the markets rather than a positive catalyst leading things higher,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina.

Comments from officials that a stimulus deal was still possible had lifted all three major stock indexes on Monday, helping them recoup losses last week that were sparked by news that President Donald Trump had contracted COVID-19 .

Trump returned to the White House from the Walter Reed Medical Center military hospital on Monday, but faced further backlash for removing his mask on his return and urging Americans not to fear the disease that killed more than 209,000 people in the United States.

Later in the morning, all eyes will be on an address by Federal Reserve Chairman Jerome Powell at a virtual meeting of the National Association for Business Economics, where global central bankers will likely present their plans on everything. what they can do to prevent an economic depression.

At 9:50 a.m. ET, the Dow Jones Industrial Average .DJI was up 0.21%, the S&P 500 .SPX was down 0.11%, and the Nasdaq Composite .IXIC was 0.40%.

Amazon.com Inc AMZN.O, Apple Inc AAPL.O, Facebook Inc FB.O and Google Alphabet Inc owner GOOGL.O, who together dominated the Wall Street rally after its coronavirus-induced lows in March, fell between 0.7% and 1.4%.

Companies have faced intense regulatory scrutiny in their quest for global market share, and the US House of Representatives’ antitrust report contains a “thinly veiled call to dismantle” companies, Republican Congressman Ken Buck said in a draft response seen by Reuters.

U.S.-listed shares of BioNTech BNTX.O jumped 7.0% after the European health regulator announced it launched a real-time review of the COVID-19 vaccine developed by the German biotech company and the American drug maker Pfizer Inc PFE.N. Pfizer shares rose 0.1%.

AMC Entertainment Holdings Inc AMC.N gained 1.2% after the world’s largest theater chain said most of its theaters in the United States and Europe would remain open, with several releases slated for October and November.

Shares of audio device makers Sonos Inc SONO.O and Logitech LOGN.S fell 3.6% and 4.8%, respectively, after their speakers were pulled from Apple’s online stores.

The rising issues outnumbered declines of 2.37 to 1 on the NYSE and 1.78 to 1 on the Nasdaq.

The S&P Index recorded 15 new 52-week highs and no new lows, while the Nasdaq recorded 71 new highs and three new lows.

Reporting by Devik Jain and Sagarika Jaisinghani in Bengaluru; Additional reporting by Sinead Carew in New York; Editing by Shounak Dasgupta and Maju Samuel

Original © Thomson Reuters

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