Stocks are likely to remain in a trading range for now

Stocks snapped a three-week winning streak last week, with the S&P 500 Index dropping 0.5%. The U.S. elections continued to dominate the headlines, with polls showing an increasing likelihood of a Biden victory and Democratic sweep of Congress. The on-again, off-again fiscal stimulus negotiations were also in the news with expectations growing for a postelection package. Undoubtedly, politics will continue to dominate financial headlines for at least the next couple of weeks.