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By Alex
Eule | Monday, October 19 On
Deadline. After weeks of hope,
investors may finally be giving up on the idea of another stimulus
bill. This weekend, House Speaker Nancy
Pelosi put a Tuesday deadline on any stimulus
deal with the White House and Senate. And while Pelosi and
Treasury Secretary Steven
Mnuchin are reportedly making progress on an
agreement, the deadline seemed to rattle markets today. The Dow
Jones Industrial Average ended down 411
points today, or 1.4%, while the Nasdaq
Composite fell 1.7%. It was the Nasdaq's fifth
consecutive loss, its longest losing streak since August 2019. The S&P
500 finished down 1.6%. Even
a wave of new deals -- both announced and rumored -- couldn't do much to
get investors excited. ConocoPhillips said it had agreed to buy Concho Resources for $9.7 billion, the largest oil and gas
deal since the pandemic began. My colleague Avi
Salzman noted today that
it would be country's largest independent producer of oil and gas
"by far." Intel, meanwhile,
is reportedly nearing
a deal to sell its flash memory business to South Korean firm SK
Hynik for $10 billion. Intel stock
popped on the news but finished up less than 1%. It
has been busy few months for M&A in the semiconductor field,
with Nvidia agreeing to buy Arm
Holdings for $40 billion and AMD reportedly in talks to acquire Xilinx. If stimulus
and M&A can't help the market, maybe earnings will. Netflix reports results tomorrow after the close,
along with chip bellwether Texas
Instruments. Procter
& Gamble posts its latest numbers before the
market opens tomorrow. The staples giant could shed some light on
consumers' shifting habits. |
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DJIA: -1.44% to 28,195.42 The Hot
Stock: Western
Digital +7.9% Best Sector:
Industrials -0.8% |
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