D&D Note (7.6.2020) ~ Global Rally Carries Over Into US Trading Pushing Up Markets & Tech Stocks ~
The MSCI gained 2.59% led by major buying in the Chinese markets, some would even say panic buying on China based ETFs with the biggest gain since 2009.
The global market rally carried over into the US trading session seeing markets all gain on the day.
Stocks in the US close higher now for the 5th straight day showing the pain trade is still to the upside.
Volumes are still low in trading due to the holiday down -16% on the S&P 500. Light volume pushes markets in either direction more than on regular volume days.
Tech stocks were the big winner today with the NASDAQ hitting an all time high. The SOX pushed higher as well with strong semiconductor performance.
Amazon trade above $3,000 for the first time to a record high. Tesla gains another 13%+ today now up 80% from the March lows. Taiwan Semiconductor gained over 5% on the day.
Retail shopper traffic has begun declining again specifically in hotspots such as Texas and Florida putting more pressure on those state economies.
The Supreme Court unanimously decided to allow states to require Electoral Collage voters to back the candidate that gains the state’s popular vote.
DOW up 1.78%
S&P 500 up 1.59% (3179.72)
NASDAQ up 2.21%
VIX up 0.94% to 27.94
Oil down -0.10% to $40.61 a barrel.
Gold up 0.21% to $1793.80 an ounce.
US virus cases rise 2% which is above last weeks 1.8% average.
New Jersey transmission rate jumps flashing an ‘early warning sign’.
Florida virus cases rise 3.2%.
The hospitalization rates of Covid-19 patients is growing by 5%+ in more than 23 states.
Texas reported more than 8,000 people being hospitalized on Sunday which marks a record number and highest in the US.
Global Virus cases: 11.51 million+
Global Virus deaths: 535,453+
US Virus cases: 2.91 million+
US Virus deaths: 130,090+
~ Dave James / Principal Trader and Market Strategist