Stocks fell lower in later trading on Tuesday after U.S. President Donald Trump announced that he has instructed officials to halt further coronavirus economic stimulus talks until after the November presidential election, rejecting House Democrat's $2.4 trillion proposal. Stocks had traded mixed earlier on Tuesday, with investors encouraged by Trump's discharge from Walter Reed National Military Medical Center to continue his COVID-19 treatment in the White House.
Yet, some economic recovery has been slowing in recent weeks. The Bureau of Labor Statistics' monthly report on U.S. job openings for August totaled 6.493 million, down from July's 6.697 million. This is the first decline in job openings in four months, with new hires roughly totaling 5.9 million and total separations falling to 4.6 million.
Federal Reserve Chairman Jerome Powell earlier on Tuesday stated that additional fiscal aid will be needed for economic recovery to continue.
"Even if policy actions ultimately prove to be greater than need, they will not go to waste," Powell stated on the U.S. economic outlook. "The recovery will be stronger and move faster is monetary policy and fiscal policy continue to work side by side to provide support to the economy until it is clearly out of the woods."
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
For Major Stock News, airline shares fell following the news that stimulus talks will be halted until November: American Airlines
For Sector Performance, every industry, except Utilities who gained +1.03%, fell alongside the broader market on Tuesday. The negative performance losses were as follows: Consumer Staples -0.53%, Real Estate -0.81%, Financials -0.91%, Industrials -1.11%, Materials -1.13%, Health Care -1.24%, Energy -1.48%, Information Technology -1.60%, Communication Services -1.88% and Consumer Discretionary -2.05%.
For Commodities and Currency, the U.S. Dollar
For the mid-week, investors will turn their attention to the Federal Open Market Committees's minutes from its September meeting.