U.S. Daily Market Review 11.03.20

U.S. stock indexes are into a solid retreat today after attempting a rebound in the previous session.

The benchmark S&P-500 slipped 17.6% below its all-time peak hit on Feb. 19.

At 9:47 a.m. ET, the Dow Jones Industrial Average dropped 785.32 points, or 3.14%, at 24,232.84.

Moreover, the chief strategist for U.S. equities at Goldman Sachs Group Inc. reduced its estimate for the S&P-500 while his profit forecasts for a second time in a month.

Additionally, earnings could lose around 1.2% in each of the next two quarters.

The Nasdaq Composite tumbled 218.11 points, or 2.60%, at 8,126.10.

U.S. Treasury Secretary Steven Mnuchin announced that a solid robust economic stimulus is not expected to make it quickly through the Congress.

A key measure of U.S. consumer prices jumped last month the most of the last five months.

The core consumer price index, which excludes volatile food and energy costs, soared 2.4% from a year earlier, according to the Labor Department.


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