On Monday, stocks reversed their gains and slid amid doubts the country’s lawmakers will reach a stimulus deal ahead of a Tuesday deadline imposed by House Speaker Nancy Pelosi.
Hopes have been high that the new stimulus will be reached until the elections, but we could see a larger correction in stocks as disappointed bulls might exit their long positions if that does not occur.
Later in the day, investors will focus on US housing starts and building permits. Since the housebuilding sector's mood is at record highs, today's data should confirm that sentiment.
Most of the other major markets continue to trade sideways - the FX is without any significant movement, the WTI oil remains above 40 USD, and metals are oscillating around their respective levels - gold is near 1,900 USD and silver at around 24.50.