Wall Street falls on dimmed stimulus hopes

All three major US stock indexes closed in the red on Oct 13 2020

The Dow Jones Industrial Average notched a modest gain, while the Nasdaq composite fell.

Walgreens stock shot up 4.8% as the company exceeded its expected fourth-quarter profit due to increased sales at US pharmacies.

Analysts expect earnings for the broader financials sector to slump 12.1% in the third quarter from a year earlier, while S&P 500 companies overall are expected to report a 19.6% fall in earnings, according to Refinitiv IBES data.

NASDAQ measures a number of indices reflecting the reaction of USA's high tech markets and business environments on the country's political and economic developments which have an impact on high tech markets, "Armenpress" reports.

Oil services company Schlumberger NV posted its third straight quarterly loss due to falling crude prices and plunging demand.

On Thursday, the Dow Jones Industrial Average fell 19.80 points, or 0.07 per cent, to 28,494.20.

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The Dow Jones and Standard & Poor's indexes each achieved third weekly gains in a row, and the Nasdaq index recorded a series of gains over a period of four weeks. The S&P 500 fell 23.26 points, or 0.66 per cent, to 3,488.67.

Wall Street finished weaker on Wednesday (Oct 14), led lower by Amazon and Microsoft, as investors lost hope that a United States fiscal stimulus would be approved before the presidential election in November. On the other hand, Bank of America Corp slipped 2.3% and Wells Fargo & Co shed 1.6% after the lenders reported a slump in profit. The cruise operator said it will sell up to $575 million of stock to raise cash. Treasury markets were closed Monday for a holiday. Expectations had been for retail sales to increase by 0.7%, up from a 0.6% rise in August. That matched economists' expectations, and it also showed that month-over-month inflation has slowed since strengthening in the summer.

While the Federal Reserve keeps the accelerator floored on its support for the economy and markets, a deep partisan divide has Congress and the White House struggling to deliver more aid of their own.

Stocks had traded higher earlier in the day but fell after Mnuchin said that it would be hard for Congress to pass a measure before the election as Senate Republican leader Mitch McConnell said Tuesday that the chamber will hold a vote on the issue this week.

"They are gearing up for the earnings season and the continued back-and-forth out of Washington with the stimulus plan, which doesn't appear to be any closer than it was a couple of days ago". The S&P 500 also fell 0.15% and the Nasdaq Composite dropped 0.47%.

European markets ended lower, while Asian markets were mixed.

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