Stocks declined sharply in intraday trading on Monday to kick off a week heavy with earnings from U.S. tech giants as coronavirus infections surged, stimulus negotiations remained at a stalemate and investors prepared for the presidential election just more than a week away.
Stocks closed mostly higher Friday but the S&P 500 fell 0.5% for the week, its first weekly loss in four, after negotiations between the White House and House Democrats on more economic aid for the struggling U.S. economy didn't make much headway. The Dow declined 1% for the week and the Nasdaq fell 1.1%.
House Speaker Nancy Pelosi said Sunday the House could pass a relief package this week but "that's up to (Senate Majority Leader) Mitch (McConnell) as to whether it would happen in the Senate and go to the president's desk, which is our hope and prayer."
Pelosi said she sent the White House a list of remaining concerns she had on Friday and hopes to have answers on Monday.
White House economic adviser Larry Kudlow told CNBC Monday that while stimulus talks had slowed down they were still ongoing.
And this comes as coronavirus infections in the U.S. hit a single-day record of 85,000 on Saturday. Deaths in the U.S. have passed 225,000, according to Johns Hopkins University.
Jim Cramer tied Monday's market move lower to rising coronavirus cases, disappointing earnings from SAP and election uncertainty. Cramer said his Action Alerts PLUS charitable portfolio is opting toward bullishness. Catch his full take in the video above.
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