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

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Stocks on Wall Street closed little changed, as the Dow and S&P 500 slipped on disappointing earnings and rising COVID-19 cases worldwide, and the Nasdaq rose ahead of big technology company results

Investor sentiment sagged after the White House said a deal on COVID-19 relief could come in “weeks,” meaning a deal is unlikely before the Nov. 3 election.

Shares of drugmaker Eli Lilly and Co fell 6.9% after quarterly profits took a hit from increased costs to develop a COVID-19 treatment. A trial of its antibody therapy failed to show a benefit in hospitalized patients. The facade of the New York Stock Exchange is pictured in Manhattan in New York City, New York, U.S., October 26, 2020. REUTERS/Mike Segar

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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