Tuesday, President Trump instructed aides to stop negotiating on another round of COVID-19 relief until after the election. He Tweeted that House Speaker Nancy Pelosi (D-CA) was “not negotiating in good faith” and said he asked Senate Majority Leader Mitch McConnell focus before the election into confirming his Supreme Court nominee, Amy Coney Barrett.
“I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business,” President Trump Tweeted.
Last week, the White House said it was backing a $400/wk virus chaos jobless benefit and inferred the possibility of a COVID-19 relief bill of $1.6-T. His offer was rejected by Speaker Pelosi.
Fed Chairman Powell warned earlier Tuesday that the economic recovery remains fragile without further economic stimulus.
Stocks dropped on Wall Street after President Trump ordered a halt to negotiations. Thus, putting all Democrats up for election in November in a box and at risk. Astute traders and investors were hedged.
Tuesday, the major US stock market indexes finished at: DJIA -375.88 to 27762.76, NAS Comp -177.88 to 11154.53, S&P 500 -47.66 to 3360.97
Volume: Trade on the NYSE came in at 992-M/shares exchanged
HeffX-LTN’s overall technical outlook for the major US stock market indexes is still Bullish with a Very Bullish bias.
- NAS Comp +24.3% YTD
- S&P 500 +4.0% YTD
- DJIA -2.7% YTD
- Russell 2000 -5.5% YTD
Looking Ahead: Investors will receive the FOMC Minutes from the 15-16 September meeting, Consumer Credit for August, and the weekly MBA Mortgage Applications Index Wednesday.
Have a healthy day, Keep the Faith!