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D&D Note

D&D Note (5.19.2020) ~ Negative Moderna Vaccine News Causes Bearish Reversal ~ #StockMarket #Moderna

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D&D Note (5.19.2020) ~ Negative Moderna Vaccine News Causes Bearish Reversal ~

The rally yesterday began to fade in the futures market and Asian markets almost all had flagging top chart patterns.

US markets gapped down to open and then swung between losses and gains throughout the day. The tech heavy NASDAQ fairing better staying in the green for most of the trading session.

In the final hour of trading the DOW got drug down into the red by Walmart and Home Depot on earnings.

In the last half hour of trading news broke that “Vaccine experts say Moderna didn’t produce data critical to assessing Covid-19 vaccine.” Shares of MRNA fell over 10%.

This dragged the S&P 500 and NASDAQ into the red and further dropped the DOW led by BA, PG, CVX, and XOM.

DOW down -1.59%

S&P 500 down -1.05% (2922.94)

NASDAQ down -0.54%

VIX gained 4.20% to 30.53

Oil traded choppy with gains and losses ending up 1.70% to $32.36 a barrel.

The CBO is projecting a 38% drop in U.S. GDP and a $2.2 trillion federal budget deficit.

A National Institute of Health study finds that Covid-19 virus particles can remain in the air for up to 14 minutes and can come from just speaking not only coughing. Also found in the study is that loud talkers could pose a greater risk of transmitting Coronavirus.

The United States continues to outpace the rest of the world in newly reported virus cases with cases rising faster than in other countries at comparable stages of the outbreak.

Global Virus cases: 4.82 million+

Global Virus deaths: 319,031+

US Virus cases: 1.5 million+

US Virus deaths: 90,396+

 

~ Dave James / Principal Trader and Market Strategist

About ddinvestments

Trading Partner for D&D Investments

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