While Americans wait to see if the U.S. government will agree on a new stimulus bill, stocks continued to fall, and Congress remains at a stalemate over the plans. According to Forbes, as of 11:00 a.m. ET, the Dow Jones Industrial Average and the S&P 500 were down by about .4 percent. However, the Nasdaq — which leans more tech-based — climbed up by .1 percent.
Forbes also reports that JPMorgan shares are currently trading down 1.3 percent, despite reporting results that far surpassed Wall Street expectations. Johnson & Johnson shares are also down, by 1.7 percent, after the company revealed that it had stopped coronavirus vaccine trials due to a participant becoming sick. A big loss came from Delta Air Lines, which reported a $5.4 billion loss in the third quarter. This comes after the company spent billions on buyouts for employees, as well as implementing new structuring measures with its fleet.
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Notably, the stock market has been very up and down amidst the ongoing COVID-19 pandemic, but it took a huge fall earlier this month when President Donald Trump tweeted that he was halting all stimulus bill talks until after the election. “Immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business,” he added.
Nancy Pelosi is asking for $2.4 Trillion Dollars to bailout poorly run, high crime, Democrat States, money that is in no way related to COVID-19. We made a very generous offer of $1.6 Trillion Dollars and, as usual, she is not negotiating in good faith. I am rejecting their…
— Donald J. Trump (@realDonaldTrump) October 6, 2020
Trump then tweeted that he wants “Mitch McConnell not to delay, but to instead focus full time on approving my outstanding nominee to the United States Supreme Court, Amy Coney Barrett. Our Economy is doing very well.” Then, Trump stated, “The Stock Market is at record levels, JOBS and unemployment also coming back in record numbers.”
He continued, “We are leading the World in Economic Recovery, and THE BEST IS YET TO COME!” This statement might have been a premature claim to make, however, as CNBC reported that right after he tweeted this U.S. stocks slid “to lows of the day.” The outlet added minutes later that the Dow had fallen 240 points. Finally, CNBC reported, “Dow falls 400+ points to fresh session low after Trump terminates stimulus talks.”
