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Stocks Drop on Stimulus Deadlock as Banks Tumble: Markets Wrap

  • Trump, Republicans divided on aid as Pelosi demands revamp
  • Eli Lilly, J&J pause trials; Apple unveils 5G iPhone 12 line
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Morgan Stanley’s Wilson: Stocks at Top of Range, May Roll Over
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Stocks fell on speculation that recent gains have outpaced prospects for a quick end to the stalemate over fresh economic stimulus. Treasuries and the dollar climbed.

Banks led losses in the S&P 500, with JPMorgan Chase & Co. and Citigroup Inc. sinking as investors worried that third-quarter earnings signaled just a pause in pain from soured loans. Eli Lilly & Co. tumbled after putting its government-sponsored antibody test on hold due to potential safety concerns, hours after Johnson & Johnson paused its Covid-19 vaccine trial. Inc. closed little changed and Apple Inc. slumped after Monday’s surge in big tech. The online retailer kicked off its Prime Day sale event, while the tech giant unveiled its iPhone 12 line with 5G speed.