Most of the leading chip stocks in the US stock market fell, with TSMC closing at US $87.64, down 0.70%; NVIDIA closing at US $540.99, down 0.88%; Intel closing at US $53.50, up 0.13%; ASMC closing at US $383.00, down 0.51%; Broadcom closing at US $372.05, down 1.31%; Qualcomm closing at US $128.55, up 0.19%; Texas Instruments closing at US $146.13, down 3.12%; AMD It closed at US $79.20, down 2.89%, applied materials fell 0.24%, and micron technology fell 0.41%.
Netflixs share price fell nearly 7% after it announced disappointing third quarter earnings and a lower than expected number of new users. Goldman Sachs and Boeing, the two worst performing companies in the Dow, fell 2.5% and 2% respectively.
Snap shares rose 28.3 percent, with the social media company outperforming expectations in the third quarter. Snap shares have set record highs and have boosted Facebook, twitter and alphabet. Snaps performance means a big harvest of online advertising, an analyst at Deutsche Bank said in a report.
After falling 30.80%, Credit Suisse downgraded its stock from neutral to underweight and lowered its target price from $85 to $71.
In an interview with MSNBC on Wednesday, Pelosi said she hoped that both Democrats and Republicans would resolve the funding portion of the new coronavirus aid bill later in the day.
Because of the huge differences and the lack of time, it seems unlikely that Democrats and Republicans can reach an agreement before the election. More importantly, even if an agreement in principle is announced in the next few days, it is very unlikely that it will be passed before election day.
David Bahnsen, chief investment officer of investment firm Bahnsen group, said: the volatility of the political negotiations around the stimulus package, coupled with the persistence of election uncertainty, provides additional reason for short-term market instability. (Liu Chun)