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S&P Futures Fall, Naz Tumbles On Goldman Tech Downgrade, “Stimulus Pessimism”

Just as “stimulus (and covid vaccine) optimism” was the go to “explanation” for the market’s ramp in the past few weeks, so “stimulus (and covid vaccine) pessimism” is being trotted out to “explain” when stocks unexpectedly don’t melt-up overnight. And sure enough, one day after stocks sank when Steven Mnuchin told the Milken Institute Global Conference yesterday that “getting something done” on stimulus before the election “would be difficult”, the selling accelerated overnight in S&P futures which dropped over 1%, as Europe’s biggest cities clamped down to curb the virus and hopes wilted for new stimulus from Washington.

Hopes for a U.S. package to boost the coronavirus-hit economy before the presidential election next month have also fizzled out after U.S. Treasury Secretary Steven Mnuchin said such a deal would be difficult.

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