Stocks were declining sharply Tuesday afternoon ahead of the first presidential debate between President Donald Trump and Democratic candidate Joe Biden.
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The Dow Jones Industrial Average fell over 230 points or 0.85%, while the S&P 500 was down 20 points and the Nasdaq Composite shed 30 points.
The debate, being moderated by Fox News' Chris Wallace, will give voters the first chance to see the two candidates face off while focusing on a number of topics, including the coronavirus pandemic, the economy and racial unrest in the country.
Late Monday night, deaths associated with the COVID-19 pandemic surpassed 1 million globally, including 200,000 in the U.S. This as the U.S. Department of Health and Human Services released a distribution plan for Abbott Labs' test for the virus.
TickerSecurityLastChangeChange %ABTABBOTT LABORATORIES105.42+0.98+0.94%
Separately on Monday, Speaker of the House of Representatives Nancy Pelosi unveiled a $2.2 trillion stimulus bill to help the economy which has been negatively impacted by the pandemic. The relief package is intended to "avert catastrophe for schools, small businesses, restaurants, performance spaces, airline workers and others."
The negotiations continued Tuesday as detailed in a tweet from a Pelosi spokesperson.
TickerSecurityLastChangeChange %AMZNAMAZON.COM INC.3,165.00-9.05-0.29%
In corporate news, Amazon unveiled its latest attempt to take on the mobile payments market, with Amazon One. The technology, first rolling out in Amazon's home market of Seattle, will use palm recognition technology to turn people's hands into a credit card.
The news comes one day after the Jeff Bezos-led company officially announced its annual “Prime Day” shopping event, set to start to Oct. 13.
Walmart and Beyond Meat agreed to a broader distribution deal with the nation's largest retailer on track "to triple availability of the Beyond Burger from approximately 800 locations to more than 2,400 stores nationwide beginning next week" Beyond Meat detailed in a statement.
In other food news, Papa Johns reported strong September sales with a jump of 18.4% for North American shops.
TickerSecurityLastChangeChange %PZZAPAPA JOHNS INTL85.90+2.48+2.97%
Japanese telecom company NTT announced a $40 billion merger for the remaining portion of NTT DoCoMo that it does not already own, according to Reuters.
TickerSecurityLastChangeChange %JPMJP MORGAN CHASE & CO.95.44-0.75-0.78%
JPMorgan Inc. shares declined after the company agreed to pay $920 million in fines and admitted wrongdoing after the bank admitted it manipulated metals futures and Treasury trading over an eight-year period, Bloomberg reported.
On the economic front, the S&P Case Shiller Home Price Index for July jumped 3.9% beating the 0.3% estimate. Phoenix, Seattle and Charlotte reported the highest year-over-year gains among the 19 cities.
And Consumer Confidence soared during September to a reading of 101.8 blowing past estimates of 88.5.
TickerSecurityLastChangeChange %XHBSPDR SERIES TRUST SPDR S&P HOMEBUILDERS ETF53.39-0.24-0.45%
European markets were lower in Tuesday trading, with the FTSE 100 and DAX closing lower by 0.4%.
Fox News' Bradford Betz contributed to this story.