Stocks swung lower on Tuesday, giving up much of the prior day's gains. Whereas Monday's optimism was partly driven by President Donald Trump's seemingly improved health condition, Tuesday's pessimism was on a different, oft-discussed topic: stimulus.
The president abruptly tweeted that the White House would stop pursuing a second major aid package, which has been a point of focus for months on Capitol Hill. Trump said he would wait until after the election to seek a deal, and instead wants the Senate to focus on confirming Judge Amy Coney Barrett, his nominee for the U.S. Supreme Court.
The Dow lost 375 points, or 1.3%, to finish at 27,772.
Court dates for Google, Oracle and Ford. Three titans of American industry will appear in the land's highest court on Wednesday. Alphabet's (ticker: GOOG, GOOGL) crown jewel, Google, is going up against Oracle ( ORCL) in a longstanding legal battle over the code behind Google's Android operating system, which Oracle claims was stolen and Google claims it used under fair use exceptions to copyright law.
Ford ( F), on the other hand, is in a battle over liability, and, as with almost all U.S. Supreme Court cases, the outcome of the fight will have broader repercussions on issues not unique to Ford. At issue is whether large companies can be held liable for faulty or dangerous products they don't sell directly to end-users.
Opponent's to Ford's stance claim immunizing manufacturers from liability shifts liability to smaller businesses that may just act as distributors, and say the outcome could have detrimental implications.
Boeing sees a bumpy future. Aerospace giant Boeing ( BA) issued a gloomy forecast for aircraft demand over the next decade, projecting that demand will shrink by 11% over the next 10 years. The pandemic's impact on travel is the clear villain behind the drop, although Boeing does see increased demand for air cargo as the lone bright spot.
That wasn't quite enough reassurance for markets, however, and Boeing shares slumped 6.8% on the day, causing the stock to post the worst performance in the S&P 500.