⁍ The number of Americans filing new claims for jobless benefits rose to a two-month high last week.
⁍ The CBOE volatility index, investors’ fear gauge, hit a one-week high.
⁍ The S&P 500 is down about 3% from its Sept. 2 record high close.
– With less than 20 days to go until the presidential election, investors are keeping a close eye on Thursday night’s third and final debate between Joe Biden and President Trump. Here’s what you need to know: The market: The Dow ended down about 40 points, or 0.2%, at 28,494.2, reports MarketWatch. The S&P 500 fell 0.15% to 3,483.34, and the Nasdaq fell 0.47% to 11,713.87. The numbers: jobless claims: The number of Americans filing new claims for jobless benefits rose to a two-month high last week, stoking fears the COVID-19 pandemic was inflicting lasting damage to the labor market, reports Reuters. A separate report showed manufacturing activity in New York State fell more than expected in October. “Going into the fall it will be difficult for unemployment to make a lot of positive headway because of the lack of stimulus,” says Christopher C. Grisanti, chief equity strategist at MAI Capital Management in Cleveland. Trump’s offer: Trump said he is willing to raise his offer of $1.8 trillion for a COVID-19 relief deal with Democrats in Congress, but the idea was shot down by his fellow Republican, Senate Majority Leader Mitch McConnell. The CBOE volatility index, investors’ fear gauge, hit a one-week high and Wall Street’s indexes dipped for the third straight day. With less than 20 days until the election, Trump and Democratic challenger Joe Biden are set to hold prime-time town halls on Thursday instead of taking part in a virtual debate. “More of what moves the market will be the crystallizing of who is going to win the presidency, and how close the Senate races are,” says Tom Martin of Globalt Investments in Atlanta.
Source: https://www.reuters.com/article/us-usa-stocks/sp-500-ends-lower-as-investors-eye-stimulus-impasse-idUSKBN2701ER