Wall Street fell sharply in the final hour of trading after President Trump ended talks with the Democrats on a new stimulus bill.
Seeking to make himself the centre of the story once again, he said there would be no new stimulus bill before the November 3 poll, but one after he wins the election.
He told his representatives to “to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.”
Wall Street went from solid gains to losses of more than 1% while commodities fell in after-hours electronic trading.
The Dow 375.88 points, or 1.3%, to end at 27,772, reversing an earlier gain of more than 200 points. The S&P 500 lost 47.68 points, or 1.4%, to at 3,360.95, after trading at a session high of 3,431.56 ahead of the Trump tweet.
The Nasdaq Composite shed 177.88 points lower or 1.58%, to end at 11,154.60.
Wall Street’s late swoon saw the ASX 24 futures market off 11 points just after 7 am Sydney time, while the Aussie dollar slid to 71.15 US cents, down nearly 1% for the session.
Oil prices rose more than 2% on Tuesday, driven by expected supply disruptions from a hurricane approaching the Gulf of Mexico and an oil worker strike in Norway.
But the gains were brief as the market fell in post-settlement trading, however, after President Trump said he was instructing his administration not to negotiate a stimulus package until after the November 3 election.
In Europe, Brent crude futures settled at $US42.65 a barrel, up $US1.36 a barrel, or 3.29%. In New York, US West Texas Intermediate (WTI) crude settled at $US40.67 a barrel, up $US1.45, or 3.7%.
In post-close trading, however, Brent fell to $US42.11 while WTI dropped to $US40.10 a barrel at 7 am Sydney time.
It was a similar story for gold.
In regular trading Comex Gold for December delivery fell $US11.30, or 0.6%, to settle at $US1,908.80 an ounce in New York.
But by 7 am Sydney time, the fall had risen to more than $US26 an ounce and the size of the fall to nearly 1.4% as investors jumped at the news the stimulus bill had been killed off by President Trump.
Comex December silver fell 64 cents, or 2.6%, to $US23.921 an ounce, down more than the 2.2%. December copper edged up 0.02% to $US2.9635 a pound.
