In other news, coronavirus hospitalizations have increased by 40 percent just this month.
More than 44,000 U.S. coronavirus patients were in hospitals on Tuesday, the highest number since Aug. 15 and up 40% in October. The nation reported over 74,000 new cases on Tuesday and nearly 1,000 new deaths.
The largest increase in U.S. hospitalizations was in Texas which recorded almost 1,000 new COVID-19 hospitalizations on Tuesday compared with a week ago, up 20%.
Meanwhile, European economies including Germany and France are going back into lockdown to slow the spread of the virus. There doesn't seem to be any willpower here to do that, at least not yet.
Finally, Wall Street types are finally starting to price in an assumption that there may not be any additional stimulus if Biden wins because Republicans may not agree to anything.
If Trump does lose, he would have less incentive to push a big spending package through during the lame-duck period. And that could leave the economy and the market in an uncomfortable lurch well into January.
While a Biden victory likely would lead to an even bigger stimulus package ultimately, that is not enough to sooth the market’s jangled nerves now.
“We’ve just had fits and starts of Lucy pulling that football away,” said Art Hogan, chief market strategist at National Holdings. “Clearly that’s where the market is now. The door has been slammed shut. At the best, we might see something during the lame duck [congressional session], but the market is starting to price in nothing until January.”
It's possible there won't be any stimulus next year, either, if Mitch McConnell is still the Senate majority leader.