Stocks were heading lower near the close on Monday, extending losses from the end of last week as financial and health care shares retreated ahead of the first presidential election debate. Deutsche Bank ( DB ) declines led banks lower, with JPMorgan Chase ( JPM ) and Goldman Sachs ( GS ) posting the steepest declines on the Dow Jones Industrial Average. All of the S&P 500's sectors, apart from real estate, lost ground.
With opinion polls tightening, investors will closely watch tonight's debate between Democrat Hillary Clinton and Republican Donald Trump for clues as to who might start to emerge as leader. Uncertainty in equity markets typically increases in the month before presidential elections, according to a Goldman Sachs research note.
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