Investam-HK: After US President Trump rejects 2.2 Trillion Stimulus Proposal, Major Indices fell
Most stocks that started higher early morning fell rapidly in today’s trading session after US President Donald trump rejects House Democrats’ $2.2 trillion stimulus proposal in his Twitter post even after Federal Reserve Chairman Jerome Powell fair warning that US economy may stumble without an additional fiscal support from the Government.
President Trump in his Tweet said, “We made a very generous offer of $1.6 Trillion Dollars and, as usual, she is not negotiating in good faith,” and added, “I am rejecting their… request, and looking to the future of our Country. I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.”
Treasuries and crude are also down as market closed this afternoon same with gold and silver.
Meanwhile, here are the main movements in Stock Market this Tuesday;
Stocks
– S&P 500 is down by 47.68 points or is 1.40% lower to 3,360.95, as of 4 p.m. in New Yorks time.
– The Dow Jones Industrial Average declined about 375.88 points or 1.34% to 27,772.76.
– Nasdaq Composite weakened around 177.88 points or is down less than 2% to 11,154.60.
– The Nasdaq 100 Index dipped a bit around 1.9% to 11,291.27.
– The Stoxx Europe 600 Index strengthened a bit about 0.1% to 365.88, the biggest yet in more than two weeks.
Bonds
– The yield on 10-year Treasuries is down around four basis points to 0.75%, the largest loss yet in a month.
– Germany’s 10-year yield appreciates less than one basis point to -0.51%, marked as its highest gain in more than a week.
– Britain’s 10-year yield slid less than one basis point to 0.287%, its first fall in a week.
Commodities
– Gold slid around 36.89 points or is almost 2% lower to $1,875.92 an ounce.
– Silver is also down by 5.16% or 1.20 points to $23.18 an ounce.
– West Texas Intermediate crude jumps a bit at 3.70% higher or 1.45 points to $40.67 per barrel.
– Brent crude gained a few percentages to $41.85 per dollar.
Currencies
– US Dollar Currency Index has no to little change at 93.51 per dollar.
– The euro slid about 0.3% to $1.1751.
– The Japanese yen increased a few points or 0.1% to 105.60 per dollar.
– The British pound fell short about 0.6% to $1.2907, the largest loss in two weeks.
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