D&D Note (7.7.2020) ~ Investors Take Profits After 5 Day Rally Sending Stocks Lower ~
The U.S. markets had enjoyed a 5 day rally but that streak came to an end today as investors decided to take profits.
The selling intensified as we headed into the close of trading and indices closed on the lows of the day.
The DOW fell more than the S&P 500 and NASDAQ as the airlines, travel companies, and aerospace were a big drag with Boeing falling 3.60%.
Apple price target raised to $400 with an outperform rating at Raymond James sighting 5G Earnings Potential.
Amazon price target raised to $3,300 with an outperform rating at Baird sighting sustainable growth.
DOW down -1.51%
S&P 500 down -1.08% (3145.32)
NASDAQ down -0.86%
VIX up 5.33% to 29.43
Oil down -0.76% to $40.32 a barrel.
Gold up 0.68% to $1795.37 an ounce (and in post market trading now has broke $1800 an ounce).
Brazil’s President Jair Bolsonaro tests positive for Coronavirus as the country see the 2nd worse outbreak behind only the US.
San Francisco delays the reopening of indoor dining and outdoor bars as cases begin to spike. The city reported 4,020 Covid-19 cases and 50 deaths as of Tuesday morning.
Global Virus cases: 11.69 million+
Global Virus deaths: 540,157+
US Virus cases: 2.96 million+
US Virus deaths: 130,902+
~ Dave James / Principal Trader and Market Strategist