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Investing.com — U.S. stock markets opened lower on Tuesday as investors turned cautious ahead of what’s likely to be a tense few days of negotiations over the next round of measures to support the U.S. economy through the Covid-19 pandemic.
Senate Republicans outlined their proposals on Monday, with a sticker price of around $1 trillion. That leaves a big gap to bridge with the $3.5 trillion package of measures that has already passed the Democrat-controlled House of Representatives. Two of the thorniest differences between the plans are the Republicans’ intention to cut the current enhancement of unemployment benefits by two-thirds from the start of October, and the Democrats’ insistence of $900 billion of funds for state and municipal governments.
By 9:40 AM ET (1340 GMT), the Dow Jones Industrial Average was down 93 points, or 0.4%, at 26,492 points. The S&P 500 was down 0.2% and the Nasdaq Composite was down 0.4%.
The major indexes suffered from a slew of mostly underwhelming earnings releases, notably from McDonald’s (NYSE:MCD) and industrial giant 3M Company (NYSE:MMM), although the majority still managed to engineer the usual positive earnings surprise. McDonald’s stock fell 1.4%, while 3M stock fell 4.5%
