Chevron Corp CVX:NYSE

Last Price$72.57NYSE Previous Close - Last Trade as of 7:00PM ET 10/23/20
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Stocks Sell Off on Continuing Stimulus Stalemate, Mixed Manufacturing, Services Data

4:47PM ET 9/23/2020 MT Newswires
Stocks sold off on Wednesday as the ongoing stalemate over a new round of fiscal stimulus continued to worry investors and as data indicated that the economic recovery from the coronavirus appears to have lost momentum.

Federal Reserve Chair Jerome Powell told a House subcommittee that Americans who are looking for work face running through their savings if lawmakers don't create another financial aid package, according to CNBC.

The White House and congressional Democrats have been at odds for weeks over another round of stimulus to replace the previous one which featured an extra $600 in unemployment payments. Those payments expired at the end of July.

Market participants expect new stimulus to take a back seat to the battle between Democrats and Republicans over the pending nomination of a new Supreme Court justice to replace the late Ruth Bader Ginsburg on the bench.

Meanwhile, a flash reading on the services and manufacturing sectors in the US were mixed through the middle of this month, according to data compiled by IHS Markit. The firm's US composite purchasing managers' index remain in positive territory to 54.4 this month, but that was down from 54.6 in August and under the consensus on Econoday for 54.5. The manufacturing PMI rose to a 20-month high while the services PMI slipped to a two-month low.

All 11 sectors of the Standard & Poor's 500 ended down, with all falling more than 1%. Just two companies on the Dow Jones Industrial Average gained ground.

Energy shares led the market lower, falling about 4.6% as crude futures fell. West Texas Intermediate and international benchmark Brent each lost about 0.7% to $39.53 and $41.43 a barrel, respectively.

Chevron (CVX) dropped 4.7%, and Apache (APA) sank 9.3%. Marathon Petroleum (MPC) lost 7.4%.

Tech shares fell 3.2%, pulled down by Salesforce.com's (CRM) 4.8% slide, Apple's (AAPL) 4.2% loss, and Microsoft's (MSFT) 3.3% decline.

Materials slid 2.9%, driven lower by Dow's (DOW) 2.2% retreat. Freeport-McMoRan (FCX) fell 5.8%, and Newmont (NEM) lost 5.1%.

Communications services lost almost 2.7% as Walt Disney (DIS) shed 3.1%. Netflix (NFLX) fell 4.2%, and Liberty Global (LBTYA) shed 3.9%.

Nike (NKE) bucked the overall market trend, popping 8.8% after the athletic-apparel company late Tuesday reported quarterly results that blew past expectations.

The DJIA ended 1.9% lower, and the S&P 500 dropped about 2.4%. The Nasdaq Composite lost 3%.