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S&P stumbles again without solid leadership; Nasdaq also falls

- The major averages ended the day lower, seeing setbacks in earnings,
politics and the pandemic throughout the session. But overall the selling
pressure was relatively mild.
- The S&P (SP500) closed off 0.7%, the Nasdaq (COMP) fell 0.8% and the
Dow (NYSEARCA:DIA) ended off 0.6%.
- The broader market slumped in the late afternoon as headlines about
COVID setbacks in Europe crossed, but managed to recover some into the
close.
- In the U.K. London is reportedly set for tighter restrictions and
possibly travel restrictions, while France is set to return to a state of
emergency with a curfew in major cities.
- Trading kicked off on the back foot after big bank earnings brought
out more displeasure on net interest income results, although investment
banking remained on a tear.
- Wells Fargo and Bank of America, which reported earnings, ended as the
worst performers in the S&P.
- Stocks also saw a short-lived tumble when Treasury Secretary Steve
Mnuchin said what the market seemed to have already resigned itself to -
a
stimulus deal is difficult before the election.
- Only three sectors finished higher, with Industrials (NYSEARCA:XLI) in
the lead, followed by Energy (NYSEARCA:XLE), which benefited from some
M&A enthusiasm.
- Communications Services (NYSEARCA:XLC) was at the bottom. Netflix fell
despite a host of price-target boosts. Disney dropped and Twitter and
Facebook slumped amid political controversy.
- Consumer Discretionary (NYSEARCA:XLY) was also lowed as Amazon fell
2.4%.





|Today, 4:03 PM|12 Comments