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Redwood Capital Management Limited: US Stocks declined as Stimulus package remains uncertain
The major stocks in the US market has slid after House Speaker Nancy Pelosi set a new deadline to pull of an agreement about the renewed proposal on the coronavirus aid bill which as of this writing remained uncertain.
The problem with the passing of the bill starts after current US President Donald Trump revised Democrat's $2.2 Trillion Stimulus package to the latest $1.8 Trillion proposal, in which according to the latter is insufficient to aid the Americans.
Pelosi said, "The 48 only relates to if we want to get it done before the election, which we do," and added, "We're saying to them, we have to freeze the design on some of these things — are we going with it or not and what is the language? I'm optimistic, because again we've been back and forth on all this."
The deadline is set so to get the deal done before the November 3 US 2020 election, which by the way is just two weeks from now.
The Dow and S&P 500 both felt their worst day since 23rd of September dropped about 1.4% and 1.6%, respectively. Nasdaq has also recorded its biggest intraday loss since Oct. 2, with 1.7% decreased.
- The Dow Jones Industrial Average fell shortly about 409.83 points or is down by 1.43% to 28,196.48. Its largest loss since September.
- Nasdaq Composite has decreased by 192.67 points or 1.65% lower to 11,478.88.
- The yield on the benchmark 10-year Treasury note appreciates about 4 basis points to 0.781%.
- The yield on the 30-year Treasury bond has a little change higher around 1.542%.
- The yield on two-year Treasuries rose about one basis point to 0.145%.
Shares from tech companies has also contributed in today's losses. Facebook and Amazon both sunk with 1.7% and 2%, respectively. Microsoft, Apple and even Alphabet also slid by 2% each.
As for commodities, Gold has strengthened and is up by 4.37 points or is 0.23% higher to $1,903.22 an ounce, while both WTI and Brent crude fell about 0.12% and 0.72%, respectively.
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