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D&D Note

D&D Note (5.4.2020) ~ Stocks Start Day in Red but Stage Late Day Rally ~ #StockMarket #Tariffs

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D&D Note (5.4.2020) ~ Stocks Start Day in Red but Stage Late Day Rally ~

Asian and European markets suffered steep losses overnight. US Futures took markets lower last night and during cash trading today the major indices did push off lows in the morning session. The NASDAQ elevated into the green and was followed by the S&P 500 then DOW late in trading.

In the final 10 minutes of trading gains did get paired but then in the last couple minutes bounced back just enough to push all major indices to close positive.

New possible Tariffs between US and China is the major worry concerning markets today along with the continued rising Covid-19 cases in the United States.

Big Tech is the bright spot in stocks today helping the tech heavy NASDAQ be positive for majority of day.

DOW up 0.11%

S&P 500 up 0.42% (2842.74)

NASDAQ up 1.23%

The VIX was elevated to start the day but fell throughout the session to be down 3.71% at 35.81.

Oil finished up 5.86% to $20.94 a barrel.

Over the weekend Warren Buffet made news announcing he had completely sold out of his airline stocks.

Texas virus cases rise 2.5% to 32,332 with 884 fatalities.

California reports 39 new deaths from Coronavirus which is the fewest in 3 weeks.

While first hit states like New York are seeing a flattening curve other states like Nebraska are seeing their curve go parabolic.

Deaths lag two weeks behind reported cases. While states are now reopening we won’t know the correlated deaths till mid May.

The US saw its most deadliest day of Covid-19 of 2,909 deaths in 24 hours as of data collected as of 4:00 am ET last Friday.

 

~ Dave James / Principal Trader and Market Strategist

About ddinvestments

Trading Partner for D&D Investments

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