Trump ends stimulus talks, markets slide
Markets abruptly sold off Tuesday afternoon after Trump ended stimulus talks with the Democrats, stunning investors who were expecting a relief package and surprising Republicans as well as Democrats. Trump tweeted he would resume talks after he won the U.S. election next month, even though millions of Americans and businesses demand immediate relief from Covid and he’s contradicting the advice of U.S. Fed Chair, Jerome Powell, who made scheduled remarks today on the state of the American economy.
The main Wall Street indices slid around 1.5% and all the Dow components closed in the red. Boeing plunged nearly 7%. Home Depot, Merck and American Express fell 2%. Even tech took a hit, with Apple shedding 2.87%
Gains in energy minimized the declines on The TSX which lost only 1%. The price of WTI rallied 1.5% and WCS rose nearly 3.5%. IN contrast, materials, tech and telcos lagged the index. Barrick Gold slid 4.46% in heavy trading. Cargojet was among the biggest gainers, spiking over 5% and making new highs during the session. The Bank of Montreal climbed 2.45% and Lightspeed rose nearly 3%. Brookfield Renewable slid nearly 5% after replacing CEOs and announcing a stock offering at $60/share. Renewable energy stocks have been blowing past the overall market and BEP.UN rallied over 15% in September.
🛫 Boeing -7%
🛠 Home Depot -2%
💊 Merck & Company -2%
💳 American Express -2%
🍎 Apple -2.87%
🥇 Barrick Gold -4.46%
🛫 Cargojet Inc +5%
🏛 Bank of Montreal +2.45%
💾 Lightspeed POS +3%
♻ Brookfield Renewable Energy -5%