Stocks slipped on Tuesday as investors digested the new fiscal stimulus bill from House lawmakers that calls for $2 trillion in relief funds alongside a rise in global and domestic coronavirus cases. Market participants are also cautious towards the outcome of Tuesday night's first presidential debates between President Donald Trump and Democratic challenger Joe Biden, as well as major upcoming U.S. economic data slated to release later this week. All three major market indices fell as investors looked for direction.
Meanwhile, the Conference Board's consumer confidence index jumped 15.5 points in September to 101.8, exceeding consensus economist estimates for a rise of 90.0. September's surge was far from August's upwardly revised reading of 86.3, highlighting consumer's more positive outlook as more businesses reopen. The index is now nearing pre-pandemic levels of about 130 throughout 2019.
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
For Major Stock News, reopening stocks were pressured once again by mounting coronavirus fears: American Airlines
For Sector Performance, every industry slumped alongside the broader market expect Communication Services, which gained +0.28%. The performance declines were as follows: Energy -2.73%, Financials -1.15%, Industrials -0.89%, Consumer Discretionary -0.79%, Materials -0.72%, ConsumerStaples -0.62%, Real Estate -0.58%, Information Technology -0.30%, Health Care -0.08%, and Utilities -0.08%.
For Commodities and Currency, the U.S. Dollar
For the mid-week, the market may react accordingly if there is a clear winning to Tuesday night's debates. ADP September employment report is also scheduled to debut.