- US stocks struggle as the session goes by with stimulus headlines.
- Tech sector weighs heavy on the S&P 500 index as uncertainty kicks in.
S&P 500 is down some 0.47% on the day so far, trading at 3467.59, losing some 16.83 points.
The tech-related heavyweights such as Facebook and Amazon have been sinking and squeezing out weak hands across the board. Amazon.com AMZN, Facebook Inc FB and Microsoft Corp MSFT fell between 0.8% and1% and have been among the largest drags on the S&P 500.
There had been some early optimism on the back of House Speaker Nancy Pelosi saying that she was optimistic that legislation on a fiscal stimulus agreement would be pushed through before the election.
Headlines around stimulus are likely to be the primary driver this week. However, time is not on anyone’s side considering an agreement would have to come by Tuesday for this to happen.
The Trump administration has proposed a $1.8 trillion stimulus package to help Americans struggling with the economic ravages of the coronavirus pandemic.
Pelosi said the offer fell short in a range of areas and stuck to her demand for $2.2 trillion in aid.
Meanwhile, the spread of the coronavirus in the US has surged in a third wave just as we approach the 3rd November elections. The timing could not be worse considering the politicization of the situation.
The uncertainty led to Wall Street’s fear gauge VIX to rise for a sixth straight session so far as election campaigns kick into high gear.
Early voting starts in Florida, a battleground state that could decide the presidential election, have begun ahead of President Donald Trump and his Democratic challenger Joe Biden final debate this Thursday.
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