Thu. Oct 22nd, 2020

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Wall Street closes lower

1 min read
Wall Street shares lower

Wall Street

Wall Street closed lower on Tuesday, snapping a three-day winning streak as investors took money off the table hours before the first U.S. presidential debate.

All three major U.S. stock indexes lost ground. In a reversal from Monday, market leaders Apple Inc, Microsoft Corp and Amazon.com weighed heaviest on the S&P 500 and the Nasdaq.

Market participants eyed the first head-to-head showdown between Republican President Donald Trump and Democratic challenger Joe Biden in a debate expected to air from Cleveland Tuesday evening.

The latest poll shows Biden leading nationally and in a number of battleground states.

While the election has implications for different sectors, notably healthcare, green energy and beneficiaries of Trump’s corporate tax cuts, Goldman Sachs analysts expected a Democratic sweep of the White House and both chambers of Congress would be beneficial to S&P 500 profits through 2024.

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