S&P/ASX 200 falls 0.30% as US fiscal stimulus looks less likely before November election

Democrat House Speaker Nancy Pelosi set an end-Tuesday deadline to reach an agreement on the US COVID-19 stimulus plan.

Netlinkz Ltd - S&P/ASX 200
Brent crude futures fell 22 cents to US$42.71 as Libya planned to boost output

S&P/ASX 200 (INDEXASX:XJO) opened weaker today and is down about 0.30% at 12.51 pm as Washington failed again to overcome its partisan differences over a new round of virus relief aid.

The Dow Jones Industrial Average closed down more than 410 points or 1.44% at 28,195.42.

However, U.S. stock futures rose on Monday evening after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin “continued to narrow their differences” in a Monday afternoon phone call to discuss another stimulus package.

Materials fall while Technology leads improvements

Leading declines on the ASX has been the materials sector with a 0.82% drop despite stronger commodity and metals prices.

Most sectors are lower with financials, healthcare and communications also weighing on the market while technology leads improvements with a 1.8% gain.

BHP guidance remains unchanged

Mining giant BHP Group (ASXBHP) is one of the major weights on the market, falling 1.18% following the release of its September quarter production update.

The company’s iron ore production over the quarter lifted 8% to 66 million tonnes compared to last year with the miner shipping 74 million tonnes. Full year guidance remains unchanged.

Top gainers

Today’s top gainers on the ASX include Netlinkz Ltd (ASX:NET) (+9.33%), Great Boulder Resources Ltd (ASX:GBR) (+20.90%), Yandal Resources Ltd (ASX:YRL) (+13.89%), Eclipse Metals Ltd (ASX:EPM) (+12.50%), Ironbark Zinc Limited (ASX:IBG) (+8.33%) and Rimfire Pacific Mining N L (ASX:RIM) (+9.09%).

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