Wall Street Close: Stocks shudder ahead of the US election debate

  • The Dow Jones Industrial Average lost 131.4 points, or 0.48%.
  • The S&P 500 dropped 16.13 points, or 0.48%.
  • The Nasdaq Composite fell 32.28 points, or 0.29%.

US stocks were down on Tuesday as investors braced for the first of three Presidential election debates in the evening, 9pm ET, or 0100GMT.

Investors are hesitant ahead of the first US presidential debate and watched for progress in talks for further fiscal stimulus in Washington.

Consequently, the Dow Jones Industrial Average lost 131.4 points, or 0.48%, to 27,452.66, the S&P 500 dropped 16.13 points, or 0.48%, to 3,335.47 and the Nasdaq Composite fell 32.28 points, or 0.29%, to 11,085.25

Looking tot he debate, the stakes are high with just five weeks before the Nov. 3 election.

The Former Vice President Joe Biden’s campaign is already accusing the republican incumbent of gaming the system to avoid paying his fair share of taxes.

A Biden victory is increasing in the polls and market sentiment, increasing the chances of further fiscal stimulus to counter the economic damage from the COVID-19 pandemic.

In some of the final data for the month, ahead of this week’s Nonfarm Payrolls, US consumer confidence surged in September to 101.8 from 86.3 in August (+15.5 points). This was the largest monthly rise in 17 years.

”Both expectations and present situation sub-indices rose strongly.

The headline data is still well short of February’s print (132.6), but it is above the average of the last 20 years (91.2).

Consumers seem encouraged going into the election, while low-interest rates, the hitherto jobs recovery and rising wealth for asset owners seem to be propping up current sentiment,” analysts at ANZ explained.

SP 500 levels

Credit: FX Street

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