The S&P 500 slid 0.5 percent in afternoon trading in New York, falling to 3,493. The NASDAQ fell 84 points to 11,750 while the Dow Jones declined 122 points to 28,558.
Equities eased as hopes for a new fiscal stimulus package before Election Day faded and as earnings season commenced.
The market’s recent rally appears to be paused as the presidential election moves closer.
Johnson & Johnson and Eli Lilly each halted coronavirus vaccine trials, dampening hopes for additional treatments in the near future.
Apple introduced four new iPhones in a virtual event today. Apple shares rose 0.5 percent.
The U.S. reported more than 52,000 new COVID-19 cases today, a spike of more than 10,000 cases since yesterday. Positivity rates and hospitalizations are also on the rise.
San Francisco office rents fell 4 percent from March to September, more than double the decline in any other major city, highlighting the emerging stresses in tech-reliant commercial real estate.
Yields on 10-year Treasury notes moved higher to 0.724%.
Chicken processor Pilgrim’s Pride agreed to pay a fine of $110.5 million to resolve price-fixing charges.
The VIX index, the market’s “fear gauge,” climbed 0.4 percent to 26.2.
Any opinions are those of Burke Koonce and not necessarily those of Raymond James. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Burke Koonce is a financial advisor at Raymond James & Associates, Inc., member New York Stock Exchange, member SIPC. www.raymondjames.com/burkekoonce