D&D Note (4.15.2020) ~ Rally Stalls Falling Back Under 2800 ~
Economic data came in and to no surprise the FED saw a sharp contraction in last two weeks with Retail being hit very hard. So while March was bad economically, April is going to be even worse. Markets fell giving back gains from yesterday now back under 2800 on the S&P 500 but finished off the lows of the day.
Now rather than just trading off Coronavirus numbers and Hope the market is turning back to fundamentals of economic data and earnings.
DOW down -1.86%
S&P 500 down -2.20% (2,783.36)
NASDAQ down -1.44%
All 11 S&P sectors closed down on the day.
Oil is at an 18 year low as demand in US sees complete collapse. NY Crude is at $20.37 a barrel.
The VIX rose 8% back to a 40 handle at 40.80.
The 10YR Note is at 0.63 down -11.96 basis points.
Some individual stock winners today:
ZM up 7.12%
ROKU up 6.12%
SPCE up 4.72%
UNH up 4.13%
NFLX up 3.17%
TSLA up 3.33%
In specific company news smartphone maker Apple unveils a new cheap version of iPhone with a price tag of $399.
~ Dave James / Principal Trader and Market Strategist