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Stocks fall...Ant Group's huge IPO...New home sales lower

NEW YORK (AP) — Stocks are falling in early trading on Wall Street, deepening last week’s losses. The loss follows up on last week’s 0.5% drop, which was the first for the index in four weeks. Stocks of companies that need the virus to abate and the economy to return to normal had some of the sharpest losses. Stocks also weakened across much of Europe and Asia. In another sign of caution, Treasury yields were pulling back after touching their highest level since June last week.

LONDON (AP) — Worries over the resurgence of the coronavirus pandemic around the world are weighing heavily on global stock markets with just eight days to go until the U.S. election. Much of the focus today in the U.S. will center on Congress and whether another massive economic relief package will be passed before the Nov. 3 election. House Speaker Nancy Pelosi said yesterday she’s not giving up on passing another coronavirus relief package in time. She said she sent a list of concerns to the Trump administration on Friday and was told she would get answers today.

HONG KONG (AP) — China’s Ant Group is looking to raise nearly $35 billion in its initial public offering in Shanghai and Hong Kong, which would make it the largest share offering in history. Alibaba-affiliated Ant Group, which operates a suite of financial products including the widely-used Alipay digital wallet in China and one of the world’s largest money market funds, will hold dual listings in Shanghai and Hong Kong. The company will raise about $34.5 billion from the share offering, which is expected to surpass oil company Saudi Aramco’s $29 billion share sale last year, making Ant Group’s offering the biggest in the world.

CHARLOTTE, N.C. (AP) — Sales of new homes fell by 3.5% in September to a seasonally-adjusted annual rate of 959,000 million units. The Commerce Department said today that despite the modest decrease, sales of new homes are up 32.1% from a year earlier, as the housing market remains strong despite the pandemic. New home sales for August were revised downward to 994,000. The median price of a new home sold was $326,800, according to the Commerce Department.

FALLS CHURCH, Va. (AP) — A majority of Virginia voters responding to a recent poll think enacting restrictions to prevent the spread of the coronavirus is more important than removing restrictions to get the economy going. Controlling the virus’s spread, even if it hurts the economy, was viewed as the bigger priority by 62% of those responding to the October poll conducted by Hampton University and The Associated Press-NORC Center for Public Affairs Research. Thirty-five percent of those polled said they preferred removing restrictions to help the economy, even if more people get the coronavirus.

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