US stocks sank at the opening bell in New York, and the selloff gathered pace as the session went on.
While earnings will inject volatility in the tech sector, “on a more macro level, ongoing US stalemate over US fiscal stimulus and the rapidly spreading Covid-19 is going to determine the direction for the wider markets,” said Fawad Razaqzada, market analyst at Think Markets, in a note.
The ever-slimming chance of a new stimulus package before next week’s election isn’t a new factor for the market. And yet, it has been a big driver of the action over the past weeks, even as nothing has really changed as a result of recent negotiations. It shows just how important the recovery is for the market.
All of this is creating a cocktail of uncertainty that the market doesn’t like one bit, and Wall Street opened lower.
European markets were also in the red across the board.
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