S&P 500, Nasdaq rise as earnings take centre stage

27 Octobre, 2020, 17:05 | Auteur: Auguste Feret
  • Stocks plunge in New York

The S&P 500 and Nasdaq hit three week lows on Monday, as record number of new coronavirus infections in the United States and some European countries and a lack of agreement in Washington over the next USA fiscal stimulus raised worries about the economic recovery.

The benchmark Dow Jones Industrial Average ended the day at 27,685, down 650 points from last week's close. Another concern is that possible delays in sorting out the results of next week's elections could end up pushing a stimulus deal back indefinitely.

The S&P 500 was virtually unchanged in early trading after swinging between a loss of 0.1% and a gain of 0.2%.

"While we are seeing nations attempt to stifle the spread of the virus through more localized and tentative restrictions, it seems highly likely that we will eventually see a swathe of nationwide lockdowns if the trajectory can not be reversed", said Joshua Mahony, senior market analyst at IG in London.

USA stocks are drifting Tuesday, as momentum slows a day after Wall Street slumped to its worst loss in a month on worries about rising virus counts and Washington's inability to deliver more aid to the economy. Energy stocks also dropped in tandem with crude oil prices.

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Deep partisan difference remains on Capitol Hill, and time is running out for anything to happen before Election Day on November 3.

But momentum has slowed recently after a prior round of supplemental unemployment benefits and other stimulus that Congress approved earlier this year expired.

Cruise lines and airlines fell sharply. All told, about 92% of the stocks in the S&P 500 closed lower. Zoom Video Communications gained 1.2%. But 3M fell 2.3% despite also reporting stronger results than forecast. They and other Big Tech stocks have soared through the pandemic on hopes their growth will only continue as work-from-home and other trends that benefit them accelerate. Merck, Invesco and Laboratory Corp. of America were among the roughly two dozen companies in the S&P 500 on Tuesday morning that reported earnings for the summer above analysts' expectations. Besides Amazon and Apple, Ford Motor, General Electric and Google's parent company, Alphabet, are also on the docket.

Across the S&P 500, profit reports for the summer have been mostly better than Wall Street had feared, though they're still on pace to be more than 16% lower than year-ago levels.

Global shares were lower Monday amid widespread uncertainty over what the USA presidential election will portend for markets and economic policy. The yield on the 10-year Treasury fell to 0.79% from 0.81% late Monday.

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