Stimulus Hopes Fade As Trump Ends Talks

S&P 500: -1.4% Tuesday, +4% YTD (SPX, SPY)

Dow Jones Industrial Average: -1.3% Tuesday, -2.7% YT (DIA)

Nasdaq Composite: -1.6% Tuesday, +24.3% YTD (COMP)

Rolls Royce leads aviation rally

London-listed stocks ended Tuesday in the green, as markets closed before President Trump announced his intervention to halt stimulus package talks. Rolls Royce (RYCEY) enjoyed the best day in the FTSE100, jumping 21.6% in part of a broader positive rally in the aviation sector. Tui (TUIFY), International Consolidated Airlines Group (IAG) and easyJet (ESYJY) all enjoyed the upswing, adding 9.6%, 3.2% and 8.2% respectively. The FTSE 250 once again outpaced the FTSE 100, expanding its lead year-to-date out to more than two percentage points. A partial rebound in Cineworld’s (CNNWF) share price after it tumbled on Monday due to cinema closure news helped buoy the index, as did 8% plus gains from Provident Financial (FPLPY) and WH Smith (WHTPF). One name holding back the FTSE 100 was online grocery delivery service Ocado Group (OCDGF), which has been one of 2020’s success stories but fell back by almost 9% on Tuesday.

FTSE 100: +0.1% Tuesday, -21.1% YTD

FTSE 250: +1.2% Tuesday, -18.7% YTD

What to watch

RPM International: Specialty coatings and building materials firm RPM (RPM), which has an $11bn market cap, has gained 9.9% in 2020, including an 11.5% rally in the past five months. That caps off a 2019 which saw the company grow its share price by almost 30%. Today, the company will deliver its latest set of quarterly earnings, where analysts are expecting an earnings per share figure of $1.15, well up on the $0.85 they had anticipated for the quarter three months ago. Currently, Wall Street analysts are split between a buy and a hold rating on the stock.

Hargreaves Lansdown: British brokerage Hargreaves (HRGLF) has faced a tough 2020, losing 16.9% from its share price. Aside from the pandemic, the company found itself in the middle of the blowup of star fund manager Neil Woodford, as it played a prominent role in helping to promote his talents. The company delivers its latest earnings figures on Thursday.

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Adam Reynolds 3 months ago Member's comment

I don't understand why Trump would do this. It can only hurt his reelection chances. Americans are suffering and he just told them to pretty much go F themselves until he wins the election. Well he pretty much just guaranteed he won't.