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D&D Note

D&D Note (5.20.2020) ~ Reopening Optimism Gives Markets Hope For Risk On ~ #StockMarket #RiskOn

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D&D Note (5.20.2020) ~ Reopening Optimism Gives Markets Hope For Risk On ~

Markets tried to push to the upper end of the current trading range intraday to 2980.29 but pulled off the highs to hover around 2965 on the S&P 500.

Going into the final hour of trading Indices saw an uptick pushing back towards highs of the day but quickly reverted back to the 2965 level and could only push back to 2971.61 to close on S&P 500.

Some stocks hit 52 week highs today including but not limited to: AMZN, FB, PYPL, NVO, EA, EBAY, DOCU, TTWO, MDB. Both Facebook and Amazon hit all time highs today.

DOW up 1.52%

S&P 500 up 1.67% (2971.61)

NASDAQ up 2.08%

VIX down -8.29% to 28.00

Oil up 5.04% to $33.57 a barrel.

The Senate passes bill to delist Chinese companies from exchanges (doesn’t effect all Chinese listed companies).

The first 20 Year Treasury sale in a generation gets well received in markets. Last time the 20 YR bond issued was in 1986.

The FED FOMC minutes shows officials concerned banks could come under greater stress. The minutes also show the fear of “extraordinary amount of uncertainty and considerable risks” due to Covid-19.

United Airlines CEO Scott Kirby says “I think we have a gradual recovery, but the full recovery probably doesn’t happen until get to a vaccine.”

The WHO says that new Coronavirus cases across the world jumped by the most ever in a single day with over 106,000 reported.

Global Virus cases: 4.93 million+

Global Virus deaths: 324,240+

US Virus cases: 1.53 million+

US Virus deaths: 92,128+

 

~ Dave James / Principal Trader and Market Strategist

About ddinvestments

Trading Partner for D&D Investments

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