Dow drops 410 points | Pelosi gives Trump a deadline for stimulus deal | Used pickup trucks selling at record prices

MON, OCT 19, 2020

EVENING BRIEF

AS OF MON, OCT 19, 2020 • 04:21 ET

DJIA		28195.42
		-1.44%	-410.89

S&P 500		3426.92
		-1.63%	-56.89

NASDAQ		11478.88
		-1.65%	-192.67

Most Active

DOW
NAME	LAST	CHG	%CHG
AAPL	115.98	-3.04	-2.55%
INTC	54.58	+0.42	+0.78%
MSFT	214.22	-5.44	-2.48%

S&P 500
NAME	LAST	CHG	%CHG
GE	7.29	UNCH	UNCH
AAPL	115.98	-3.04	-2.55%
T	26.88	-0.45	-1.65%

NASDAQ
NAME	LAST	CHG	%CHG
AAPL	115.98	-3.04	-2.55%
AAL	12.56	+0.10	+0.80%
INTC	54.58	+0.42	+0.78%

EDITOR'S NOTE

Wall Street struggled to start the week as lawmakers tried once more to reach a coronavirus stimulus deal before the election while new Covid-19 cases are on the rise.

The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite alternated between slight gains and losses for most of the session before closing sharply lower. The Dow lost 410 points, or 1.4%, and the S&P 500 slid 1.6%. The Nasdaq pulled back by 1.7%.

Those moves came after House Speaker Nancy Pelosi said over the weekend that she is giving the Trump administration 48 hours to reach an aid deal before the Nov. 3 election.

However, The Washington Post reported, citing sources, that a deal between Pelosi and the administration was not "sounding imminent." The news sent the major averages to their lows of the day.

Democrats and Republicans have tried for weeks to move forward on a new stimulus package. However, differences over how much aid is needed and how broad the bill should be have complicated the negotiations.

This new push for a preelection relief deal comes as coronavirus cases surge in Europe and the U.S.

A CNBC analysis of Johns Hopkins University data showed Covid-19 cases were growing by 5% or more in 38 states as of Friday. Nationwide, the daily case average has risen by more than 16% on a week-over-week basis to nearly 55,000. New coronavirus infections in Europe are increasing by about 97,000 per day, up 44% from the prior week.

"The many cross-currents we have been fretting over in recent weeks remain omnipresent," Sherif Hamid, a strategist at Jefferies, said in a note. "The US elections are close at hand, fiscal stimulus remains a key near-term potential catalyst, and developments on the virus front remain critical to the longer-term outlook."

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