Stocks Slump Into Close, Futures Flat as Stimulus Talks Fail, 10-Year Yields Spike

Slumping into the close, stocks posted small gains Tuesday as Nancy Pelosi's deadline for a stimulus bill passed with nothing accomplished in the nation's capitol.

As the opening bell approaches, deal-makers in Washington are probably just getting around to talking points for another day of finger-pointing and doing nothing. Meanwhile, the corrupt media still won't address the issues stemming from emails and text messages discovered on the Hunter Biden's computer as father Joe, presidential candidate, cowers in his bunker, refusing to answer any questions related to the findings.

These developments put quite the spin on the final two weeks heading into the election. Donald Trump is surging while the Biden-Harris ticket appears t be circling the drain. The massive censorship and denial campaign being waged on social and mainstream media points up the levels of corruption that exist on the Democrat, liberal side of the equation. While Republicans may or may not be much better, at least they haven'tbeen accused of anything illegal lately. More importantly, President Trump weathered four years of bad (horrifyingly biased) press and every effort, including impeachment, to remove him from office and is now on the cusp of winning a second term in the White House.

The left has no answers and the election, should this condition persist, may as well be over. The media and pollsters, along with their candidates, have been shown to be frauds at best, criminals at worst. The American public isn't going to sit back and allow crooks to rule over them. The Democrats - and some RINO Republicans - are about to get a shock treatmet of public outrage and withdrawn consent. People really don't like being lied to, and theyre not very fond of censorship and politicians who hide from misdeeds. The Biden campaign is effectively over.

With the sudden reversal of fortunes (remember, like in 2016, the Democrat candidate was supposedly well ahead in the polls), Wall Street will reassess their positions, though a Trump win wouldn't exactly be the worst outcome for the country. As it stands, the economy was doing OK until the coronavirus hit, so it stands to reason that President Trump's comtinued policies would include lower taxes and reduced regulation, both good for business. Thus, regardless of one's political position, a Trump victory on November 3rd should be seen as a positive.

However, the damage done by the government shutdowns of businesses in the US and around the world, and with Europe looking at another virus wave and more shutdowns is compelling and has set gloabl economies back substantially. Individual freedoms are being challenged around the globe. And while the lack of a stimulus bill from Washington may be top of mind for some, underlying trends, especially for major urban areas, are still quite troubling.

Should the politicians actually come up with a satisfactory stimulus bill within the next week, it's not going to change the dynamics of the market or the election very much. Minds are already made up; money is already in play. It's doubtful that even a $2 trillion package would move the needle much at all on either front.

With the opening bell just moments away, a serious development come via the bond market where the yield on the 10-year note has creasted above 0.80 for the first time since early June. The 10-year benchmark yield has been elevated recently and may be getting away from the control freaks at the Federal Reserve. Should the bond selling spree continue apace, gold and silver - already higher on the day - will rocket higher. Stocks could be getting set up for a dramtic multi-session decline.

At the Close, Tuesday, October 20, 2020:
Dow: 28,308.79, +113.37 (+0.40%)
NASDAQ: 11,516.49, +37.61 (+0.33%)
S&P 500: 3,443.12, +16.20 (+0.47%)
NYSE: 13,092.16, +73.66 (+0.57%)