Stocks Slump as Traders Weigh Outlook for Stimulus: Markets Wrap
The end-of-month rebound in global equities faded as investors weighed prospects for fiscal stimulus in the U.S. and the outlook for the coronavirus pandemic. Oil tumbled on concern slow growth will limit demand.
The S&P 500 Index slumped, with more than two stocks falling for every one that advanced, after talks on expanding aid ended for the day with plans to resume discussions tomorrow. An exchange-traded fund that tracks the S&P 500 gained 0.2% in after-hours trading after a study showed a Regeneron Pharmaceuticals Inc. antibody cocktail may help treat coronavirus patients outside of the hospital.
Asia stocks were set for a mixed start as traders awaited data from China that will shed light on the strength of the economy's recovery. U.S. shares earlier slipped on low volumes and the dollar fell. Equity futures edged lower in Tokyo and Australia, while Hong Kong contracts rose. S&P 500 futures dipped at the open. The S&P 500 declined 0.5% with more than two stocks falling for every one that advanced, after talks on expanding aid ended for the day with plans to resume discussions Wednesday. Oil fell toward $39 a barrel in New York. Treasuries were little changed. China markets will shut from Thursday for a week of national holidays. Volume on U.S. equity exchanges was subdued on Tuesday ahead of the first presidential election debate. Wednesday marks the final trading day of September and the end of the quarter, so portfolio rebalancing could also exacerbate market moves.
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