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S&P 500, Dow slip on worries about earnings, US stimulus outlook

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Investor sentiment sagged after the White House said a deal on Covid-19 relief will unlikely come before the Nov 3 election.. Read more at straitstimes.com.

NEW YORK - Stocks on Wall Street closed little changed on Tuesday , with the Dow and S&P 500 slipping on disappointing earnings and little hope for a US coronavirus stimulus before Election Day, though the Nasdaq rose ahead of big technology company results.

Microsoft beat Wall Street estimates for quarterly revenue which rose 12% to $37.2 billion, as the software giant benefited more from a global shift to work and learning from home. On Monday, the three major US stock indexes posted their biggest declines in about four weeks on a record number of new coronavirus cases in the United States and some European countries, and as the elusive stimulus rattled investors.

Democratic challenger Joe Biden leads President Donald Trump in nationwide polls but the race is much tighter in battleground states which should determine the outcome. Concerns over a rise in U.S. coronavirus cases are weighing on the market but the technology sector seems to be the least exposed, said Rick Meckler, a partner at Cherry Lane Investments in New Vernon, New Jersey.

 

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