US Market ends softer

The US stock market finished session down after erasing early gains on Tuesday, 22 October 2019, amid concerns over impact of U.K. lawmakers' rejection of the government's proposed timetable for passing legislation to ratify its deal to exit the European Union by Oct. 31 and uncertainties about global financial and economic conditions. Market losses were limited, thanks to a torrent of corporate earnings reports and a new bill to make it easier for social media users to migrate away from industry heavyweights Facebook, Snap and Twitter to rival platforms. At closing bell, the Dow Jones Industrial Average declined 39.54 points, or 0.15%, to 26,788.10, the S&P 500 shed 10.73 points, or 0.36%, to 2,995.99, and the Nasdaq Composite shed 58.69 points, or 0.72%, to 8,104.30.

Brexit was back in the spotlight, after U.K. lawmakers voted Tuesday to let Prime Minister Boris Johnson's Brexit plan to proceed to the next step in Parliament, but rejected his rapid timetable for approval, saying that more time was needed to scrutinize the bill. The defeat in parliament made it unlikely that Britain would finalize its exit by Prime Minister Boris Johnson's Oct. 31 target. Johnson said it was up to the EU to decide whether it wanted to delay Brexit and for how long.

On the Sino-US trade front, President Donald Trump said that talks between Washington and Beijing are going very well. Top trade negotiator Robert Lighthizer also said that the U.S. aims to finish the first phase of talks by mid-November when the two countries meet in Chile.

Procter & Gamble Co. shares gained after the company dialed up its expectation for 2020 sales growth, up 3% to 5% from previous guidance of 3% to 4% growth.

Biogen Inc. shares rose after the company filed for regulatory approval for an Alzheimer drug called aducanumab and updates that its treatment was ready to start the regulatory approval process.

In Commodity news, West Texas Intermediate crude for November delivery gained 85 cents, or 1.6%, to trade at $54.16 a barrel on the New York Mercantile Exchange. Gold for December delivery on Comex fell 60 cents, or 0.04%, at $1,487.50 an ounce, after slipping 0.4% to settle at $1,488.10 an ounce on Monday.

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