President Trump said Tuesday he’ll delay stimulus talks until after the election, sending stocks lower. BTIG says the S&P 500 could fall at least another 7% without a stimulus bill. Trump signaled support for some stimulus relief on Tuesday night.
President Donald Trump announced Tuesday that he was halting stimulus talks until after the election, causing stocks to drop suddenly before markets close.
Trump instructs his representatives to end stimulus talks with Democrats until after the election. Watch the video below:
Trump’s declaration to end stimulus negotiations took Wall Street by surprise as the market rose in hopes that a second deal could be reached before the election. The move on Tuesday triggered a sharp selloff in recovery-sensitive stocks, such as airlines and retailers.
Jerome Powell, the Federal Reserve chair, argued during a speech on Tuesday that failing to provide enough support carried risks for the economy:
Too little support would lead