Stocks were little changed on Tuesday as the market took a breather following a sharp rally in the previous session while investors assessed whether this rebound can continue.
The Dow Jones Industrial Average fell 34.63 points to open Tuesday at 27,549.43.
The S&P 500 dipped 0.45 points to 3,351.15.
The NASDAQ inched up 7.86 points to 11,125.39.
Political news is poised to potentially be a driver of market news this week, with the first debate between President Donald Trump and Democratic nominee Joe Biden set for Tuesday night.
Some Wall Street analysts believe the first debate of this cycle could be more consequential for the markets than most debates, with a clear victory by one candidate possibly creating significant market moves.
Before the debate kicks off, investors will get a close look at the state of the semiconductor industry when Micron reports its fiscal fourth-quarter results after the bell on Tuesday. The stock gained 1.2% on Monday despite receiving a “negative catalyst watch” from Citi.
The climb for stocks on Monday came after mixed news about the coronavirus response over the weekend. On the bullish side for the market, Florida lifted capacity restrictions on restaurants over the weekend and Pelosi said she believed another relief bill was still on the table.
However, cases in the U.S. continued to rise once again, with Dr. Anthony Fauci saying on Monday that the U.S. is “not in a good place” as colder weather approaches.
House Speaker Nancy Pelosi said on Monday night that the Democrats were unveiling a new $2.2-trillion stimulus package, smaller than the more than $3 trillion proposed earlier in the crisis but still well above what Republican leaders have offered.
The new bill would include enhanced unemployment benefits and aid to airlines and state and local governments.
Prices for the 10-Year Treasury were slightly higher, lowering yields to 0.65% from Monday's 0.66%. Treasury prices and yields move in opposite directions.
Oil prices dropped 84 cents to $39.76 U.S. a barrel.
Gold prices acquired $9.60 to $1,891.90 U.S. an ounce.