Wall Street dips on vaccine delay, fading stimulus optimism
By Stephen Culp NEW YORK (Reuters) - Wall Street snapped a four-day winning streak on Tuesday, with a halted COVID-19 vaccine trial and an elusive U.S. stimulus agreement weighing on sentiment as third quarter earnings season kicked off
By Stephen Culp
NEW YORK (Reuters) - Wall Street snapped a four-day winning streak on Tuesday, with a halted COVID-19 vaccine trial and an elusive U.S. stimulus agreement weighing on sentiment as third quarter earnings season kicked off.
All three major U.S. stock indexes slipped into the red by mid-afternoon.
Johnson & Johnson
"It shows once again that the vaccine is still far away, and it's a good thing that so many pharmaceutical companies are working on it," said Oliver Pursche, president of Bronson Meadows Capital Management in Fairfield, Connecticut. "JNJ looked promising just a few weeks ago and now here's a complete turnaround."
Hopes for the passage of a new coronavirus relief package faded as U.S. House Speaker Nancy Pelosi rejected the $1.8 trillion coronavirus relief proposal from the White House, saying it "falls significantly short of what this pandemic and deep recession demand."
Meanwhile, millions of Americans struggle to make ends meet nearly two-and-a-half months after emergency unemployment assistance expired.
JPMorgan Chase & Co
Although JPMorgan handily beat consensus profit estimates, gaining from a boom in its trading business, its peer Citigroup, while also beating expectations, was slammed by low interest rates and a slowdown in loan demand. Their shares were down 1.7% and 4.4%, respectively.
The Dow Jones Industrial Average <.DJI> fell 164.97 points, or 0.57%, to 28,672.55, the S&P 500 <.SPX> lost 26.45 points, or 0.75%, to 3,507.77 and the Nasdaq Composite <.IXIC> dropped 43.35 points, or 0.36%, to 11,832.91.
Third-quarter reporting season has left the starting gate, and analysts now see S&P 500 earnings, in aggregate, falling by 19.6% year-on-year, according to Refinitiv.
Other earnings on tap this week include Bank of America Corp
Shares of Delta Air Lines Inc
Planemaker Boeing Co
Declining issues outnumbered advancing ones on the NYSE by a 2.26-to-1 ratio; on Nasdaq, a 1.50-to-1 ratio favored decliners.
The S&P 500 posted 37 new 52-week highs and one new low; the Nasdaq Composite recorded 107 new highs and 10 new lows.
(Reporting by Stephen Culp; Editing by Marguerita Choy)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.