Senate Democrats blocked a stimulus bill designed to blunt the economic impact of the coronavirus pandemic, after a dispute with Republicans over corporate bailout provisions and aid to dislocated workers, WSJ noted. Lawmakers and administration officials still hope to reach an agreement on a deal worth as much as $1.3 trillion.
- What comes next: Progress is being made and the Senate will reconvene at 12pm. Pressure is mounting as the S&P 500 is down 32% from its February peak. In comparison, stocks tumbled 57% during the financial crisis and 49% after the dot-com bubble burst in 2000 before beginning to rebound.
- Backdrop: The number of confirmed cases in the U.S. surpassed 32,000 on Sunday.