Back-to-back losses on Wall Street | Mnuchin dampens stimulus aid hope | Goldman trounces earnings estimates

WED, OCT 14, 2020

EVENING BRIEF

AS OF WED, OCT 14, 2020 • 04:10 ET

DJIA		28514.00
		-0.58%	-165.81

S&P 500		3488.67
		-0.66%	-23.26

NASDAQ		11768.73
		-0.80%	-95.17

Most Active

DOW
NAME	LAST	CHG	%CHG
AAPL	121.19	+0.09	+0.07%
MSFT	220.86	-2.00	-0.90%
INTC	53.55	-0.28	-0.52%

S&P 500
NAME	LAST	CHG	%CHG
AAPL	121.19	+0.09	+0.07%
BAC	23.62	-1.33	-5.33%
GE	6.82	+0.10	+1.49%

NASDAQ
NAME	LAST	CHG	%CHG
AAPL	121.19	+0.09	+0.07%
TSLA	461.30	+14.65	+3.28%
AMD	84.21	-1.07	-1.25%

EDITOR'S NOTE

The corporate earnings season may be in full swing, but traders are still focused on Washington as lawmakers try to reach a deal on new coronavirus aid before the election.

The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite fell for a second straight day on Wednesday after Treasury Secretary Steven Mnuchin said that getting a deal done before the election would be difficult, adding that both sides were still far apart on certain issues.

His comments led to the major averages erasing their slight gains from earlier in the day.

"The market's biggest worry is Washington as it relates to uncertainty surrounding fiscal stimulus," said Roderick von Lipsey, a managing director at UBS Private Wealth Management. "With the political tug-of-war over a stimulus package, the markets are waiting to see how much [will be passed] and when."

Wednesday also saw a slew of companies release their latest quarterly earnings, including Goldman Sachs, Bank of America, Wells Fargo and UnitedHealth. All of these names, expect Wells Fargo, posted better-than-expected profit for the previous quarter.

"On the earnings overall, so far so good," said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management. "You're going to see a broadening of earnings growth from where it was, concentrated in a few names, into more sectors and companies."

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