Stocks declined in intraday trading as Wall Street looked ahead to the first presidential debate Tuesday evening between U.S. President Donald Trump and Democratic candidate Joe Biden.
Stocks finished sharply higher Monday as equities came off a four-week losing streak. The Dow gained 410 points, or 1.51%, to close at 27,584, the S&P 500 rose 1.61% and the Nasdaq rose 1.87%.
Investors also assessed a fresh $2.2 trillion coronavirus aid proposal from House Democrats after the global death toll from the virus passed 1 million.
The scaled-back $2.2 trillion coronavirus relief package released by House Democrats Monday evening would restore $600 weekly jobless benefits. The proposal is less than the $3.4 billion bill passed by the House in May, but remains above what Senate Republicans have said they would accept.
A vote on the legislation could come later this week. House Speaker Nancy Pelosi spoke with Treasury Secretary Steven Mnuchin Monday evening and the two are expected to talk again Tuesday. Negotiations over Covid-19 relief have been at a stalemate since early August.
The 90-minute debate, with moderator Chris Wallace leading the questioning, begins at 9 p.m. ET. Trump will likely face questions over his tax returns following a bombshell report from The New York Times and his handling of the coronavirus pandemic that has claimed the lives of more than 205,000 Americans.
To sum it all up, Jim Cramer said to expect the first weeks of October to be volatile. Catch what he's watching in the video above.