After rallying over 6% in just four trading session, the S&P closed 0.63% lower as COVID-19 vaccine concerns weighed on markets. Johnson & Johnson announced that its vaccine trial had been paused after one of the patients came down with an unexplained illness. This is the second high-profile COVID-19 vaccine trial to be paused after AstraZeneca’s (AZN) was halted for the same reason. AZN’s trial has started up again in the U.K. but remains on hold in the U.S. In terms of stimulus, House Speaker Nancy Pelosi shot down the White House’s proposed $1.8 trillion Stimulus Bill, saying that the U.S. needs more relief. Earnings season kicked off yesterday. JPMorgan beat on earnings and revenue, and also surprisingly lowered its loan loss provisions. This indicates that it may have overestimated the amount of loan losses in the past two quarters. Citibank, on the other hand, increased its provisions. European Indices also closed in the red, as Euro-Zone Economic Sentiment data for October were weaker than expected, signalling regional growth optimism may be moderating due to a resurgence in Coronavirus infections. The International Monetary Fund called on the global community to respond to the negative economic impact of the Coronavirus through increased lending to hard-hit countries. The International Energy Agency said it could take as long as 2025 before crude oil demand returns to pre-pandemic levels. Bank of England Governor Andrew Bailey said the central bank is not ready to impose negative interest rates yet. Elsewhere, Oil closed 2% higher after China reported rising crude imports, supporting the demand picture, while Gold closed 1.6% lower on Dollar strength.
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