Dow Posts First Weekly Loss of October as COVID-19 Cases Rise

Second stimulus negotiations remain gridlocked

Deputy Editor
Oct 23, 2020 at 4:33 PM
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Despite a frantic last-minute push higher, the Dow closed the day lower, weighed down by reports that the U.S. neared its record high in new coronavirus cases yesterday. The S&P 500 and Nasdaq, however, managed to eke out late wins, brushing off continued gridlock regarding a possible second stimulus before the presidential election. Meanwhile, the IHS Markit PMI service and manufacturing indexes both rose sharply in October to 20- and 21-month highs. To wrap up the week, all three major indexes posted their first weekly losses of October.

Continue reading for more on today's market, including:

  • Blue-chip stock just shy of two-year high as earnings loom. 
  • Reading into the technical tea leaves of three rebounding retailers
  • Plus, tech store giant downgraded; options traders blast credit card behemoth; and this Mattel stock's post-earnings surge.

The Dow Jones Industrial Average (DJI - 28,335.57) fell 28.1 points, or 0.1% for the day, and 0.9% for the week. UnitedHealth (UNH) rose to the top of the Dow, adding 1.5%, while Intel (INTC) landed at the bottom with a steep 10.6% loss. 

Meanwhile, the S&P 500 Index (SPX - 3,465.39) added 11.9 points, or 0.3%, for the day and lost 0.6% for the week, while the Nasdaq Composite (IXIC - 11,548.28) tacked on 42.3 points, or 0.4% for the day, and dropped 1.1% for the week.

Lastly, the Cboe Volatility Index (VIX - 27.55) lost 0.6 point, or 2%, for the day and added 0.5% for the week.



  1. The U.S. Treasury imposed sanctions on a Russian research institute in relation to the development of dangerous malware(Reuters)
  2. Burger King is testing reusable packaging. The company will start implementing its sustainable "loop system" program in 2021. (USA Today)
  3. Best Buy stock dips on Oppenheimer downgrade.
  4. Options traders weigh in on AXP's dismal quarterly report. 
  5. Mattel stock sees post-earnings pop

Earnings 1023


Oil, Gold Post Weekly Losses

Oil futures fell after today's session, with rising oil exports from Libya and continued worries about energy demand with the increasing coronavirus cases. December-dated crude fell 79 cents, or 1.9%, to settle at $39.85 a barrel for the day, losing 3.1% for the week.

Gold futures rose for the session, but finished the week with their second-straight weekly loss. December gold rose 60 cents to settle at $1,905.20 an ounce for the day, trimming its losses to 0.1% for the week.



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