This is CNBC's markets live blog that will be updated throughout the day.
Stocks gave up earlier gains and were sharply lower after President Donald Trump tweeted that he would reject rejecting Democrats' $2.4 trillion stimulus plan. The Dow Jones Industrial Average slid more than 300 points, after positing a 205-point gain earlier in the session. Boeing also weighed on the 30-stock index after the company warned that Covid-19 would impact demand for years to come.
The market was unable to erase its sharp fall during the final hour of trading and finished near session lows. The Dow lost 378 points, or 1.3%. The S&P 500 fell 1.4%, and the Nasdaq shed 1.6%. — Jesse Pound
President Trump's tweets about stopping the stimulus negotiations triggered a drop in the Dow of roughly 600 points and a sharp reversal in the other major indexes. The S&P 500 fell from roughly 3,430 to about 3,356. — Jesse Pound, Nate Rattner
House Speaker Nancy Pelosi slammed President Donald Trump's decision to call off coronavirus relief talks, saying he's "unwilling to crush the virus" and is "putting himself first at the expense of the country."
"Today, once again, President Trump showed his true colors: putting himself first at the expense of the country, with the full complicity of the GOP Members of Congress," Pelosi said in a statement Tuesday afternoon.
"Walking away from coronavirus talks demonstrates that President Trump is unwilling to crush the virus, as is required by the Heroes Act. He shows his contempt for science, his disdain for our heroes – in health care, first responders, sanitation, transportation, food workers, teachers, teachers, teachers and others – and he refuses to put money in workers' pockets, unless his name is printed on the check," she added. — Yun Li
President Donald Trump just informed Americans that the White House would stop negotiating a second stimulus package until after the November election and stocks are tanking.
CNBC Pro asked the Pros about Trump's strategy and how to play it in the market.
"Maybe spending this money isn't as important to [Trump]. Maybe he feels that the economy can stand on its own two feet without another $2 trillion of government spending," Peter Boockvar, Chief Investment Officer at Bleakley Advisory Group, told CNBC. "This comes in the context of Congress that's already spent $3 trillion and there's still a wide gap between what the Republicans are willing to spend, $1.6 trillion, and what the Democrats want to spend at $2.2 trillion."
"At least for now I'm believing that this is part of a negotiation rather than something that's firm," added Boockvar. "Both sides don't like each other. Both sides don't want to give an inch to the other side."
Read what the rest of the Wall Street pros are saying here. — Maggie Fitzgerald
Airline stocks fell sharply after President Trump said that he was directing his team to stop negotiating for another round of stimulus until the election. Shares of Delta, American and United were all down more than 2% for the session. Shares of Boeing, which were already under pressure, extended their losses to 4.7%. — Jesse Pound
The Dow was trading just at 300-point loss as the final hour of Tuesday's session began. The S&P 500 and the Nasdaq Composite were down 1.1% and 1.3%, respectively. Stocks sold off after President Trump called for an end to stimulus negotiations until after the election. — Jesse Pound
The Dow erased a 200-point gain in rapid fashion and last traded 100 points lower after President Donald Trump said in a tweet that he's rejecting Democrats' $2.4 trillion stimulus proposal and said he asked his representatives to stop negotiating a deal until after the election. — Yun Li
President Donald Trump is showing no symptoms of the coronavirus on Tuesday following his first night out of the hospital, the White House physician said.
"This morning the President's team of physicians met with him in the Residence," Dr. Sean Conley said in the latest memo on Trump's condition. "He had a restful first night at home, and today he reports no symptoms," Conley wrote. Trump's "vital signs and physical exam remain stable," he noted. "Overall he continues to do extremely well." — Kevin Breuninger
House Speaker Nancy Pelosi stressed the need for further coronavirus stimulus after Federal Reserve Chairman Jerome Powell called on Congress for more aggressive action. "Chairman Powell's warning could not be more clear: robust action is immediately needed to avert economic catastrophe from the devastation of the coronavirus pandemic," Pelosi said in a statement on Tuesday. "It is long overdue for Republicans to join us in passing a bill that meets the needs of the American people by protecting our heroes, crushing the virus and putting money in the pockets of workers." Investors are closely monitoring the ongoing stimulus talks between Pelosi and Treasury Secretary Steven Mnuchin. — Yun Li
Check out more midday movers here. — Maggie Fitzgerald
Shares of Apple jumped off their lows after the tech giant announced a new product launch event on Oct. 13 where it's expected to reveal the next model of the iPhone.
The press invite says "Hi, Speed," hinting at 5G iPhones. The event starts at 10 a.m. Pacific / 1 p.m. ET and will be streamed online due to the coronavirus. The stock last traded down about 1% after dropping more than 2% earlier. — Yun Li
The major averages were little changed on Tuesday as traders awaited news on a potential U.S. fiscal stimulus package. The Dow traded just 39 points higher in midday trading, or 0.1%. The S&P 500 slipped 0.2% and the Nasdaq Composite pulled back 0.7%. —Fred Imbert
Federal Reserve Chairman Jerome Powell said he and his colleagues knew they'd come under criticism for their actions in the early days of the economic shutdown but felt they needed to do everything they could. Powell said Fed officials decided "we needed to use all of our tools and needed to do so in maybe ways where there'd been red lines saying we won't cross those red lines." Specifically, he said the Fed's facilities to buy corporate debt went beyond what previous Feds had done to help the economy in times of crisis. "I think history will judge how well we did. I have never regretted the fact that we did that," Powell told the National Association for Business Economics. — Jeff Cox
Boeing has slashed its forecast for new commercial aircraft demand over the next decade based on what the company estimates will be a years-long slump due to Covid-19.
The manufacturer forecast on Tuesday that the world's airlines will need 18,350 planes worth $2.9 trillion over the next 10 years, an 11% drop from its forecast a year ago and a jarring downbeat prediction after years of strong growth in travel around the world.
Shares of Boeing last traded about 1.4% lower.
Read more about the aircraft maker's latest forecast here. - Leslie Josephs, Pippa Stevens
Federal Reserve Chairman Jerome Powell on Tuesday called for continued aggressive fiscal and monetary stimulus for an economic recovery that he said still has "a long way to go."
Noting progress made in job creation, goods consumption and business formation, among other areas, Powell said that now would be the wrong time for policymakers to take their foot off the gas.
Read more on the Federal Reserve Chairman's latest comments here. - Jeff Cox
Stocks kicked off Tuesday's session in the green as investors looked to ongoing stimulus talks and Federal Reserve Chairman Jerome Powell's comments. The Dow Jones Industrial Average advanced 85 points for a gain of 0.3%, while the S&P 500 rose 0.13%. The Nasdaq Composite traded 0.12% lower. - Pippa Stevens
Federal Reserve Chairman Jerome Powell provides his outlook on the economy Tuesday morning when he speaks to a virtual gathering of the National Association for Business Economics. The official topic for the central bank leader's presentation is "Global Reset? Economics, Business and Policy in the Pandemic." In addition to providing prepared remarks, Powell will exchange in a question-and-answer session with a moderator. The chairman's views often can move markets. At their last meeting, in September, Fed officials officially adapted a new approach to inflation in which they effectively pledged not to raise interest rates even if the jobless rate falls below what has traditionally been considered full employment. The officials also adjusted their economic projections, taking a bit more optimistic view of growth in 2020 but reducing the outlook for the next few years. — Jeff Cox
Pro Subscribers can read more here. - Michael Bloom
Shares of SeaWorld Entertainment rose more than 4% in the premarket after an analyst at Credit Suisse upgraded them to outperform from neutral. The analyst also hiked his price target on the stock to $30 per share from $13 per share, implying a 46% upside from Monday's close.
Originally, "there were three concerns that made us cautious," said analyst Benjamin Chaiken in a note, referring to: "(1) impact from Epic Universe in Orlando, (2) a cost structure that looked fully optimized, or close to it, and (3) high leverage to Orlando."
"Since the COVID-19 outbreak, we believe the data points surrounding those headwinds have either changed or are now fully priced in, making us more constructive on a stock with relatively low expectations," Chaiken said.
SeaWorld shares are down more than 35% year to date. However, they have surged 95.8% over the past six months. —Fred Imbert