D&D Note (7.9.2020) ~ Trump Tax Returns + Record Deaths & Hospitalizations Sends Markets Lower ~
Today the Supreme Court grants the NYC Prosecutor access via Grand Jury to the Trump Tax returns but pushes the House subpoena request back down to lower courts.
As soon as that news broke the markets all took a leg lower deep into the red. Although the NASDAQ bounced back out of the red into the green while the DOW and S&P 500 remained in the red into the close.
California reports 149 new virus deaths the states biggest one-day jump.
Florida reports record deaths 120 from 48 the day before and positivity rate is now 18.4% leading to record hospitaliztions.
Joe Biden announces a proposed $700 billion program to “Buy American” if elected President.
Trump threatens to pull federal funding for schools that decide not to hold in-person classes this fall.
Microsoft price target raised to $260 with outperform rating at Wedbush sighting cloud-computing growth.
Square downgraded to market perform from outperform with price target of $119 at Cowen sighting ‘hurting’ seller business.
DOW down -1.39%
S&P 500 down -0.56% (3152.05)
NASDAQ up 0.53%
VIX up 4.20% to 29.26
Oil down -3.42% to $39.50 a barrel.
Gold down -0.66% to $1808.50 an ounce.
Global Virus cases: 12.22 million+
Global Virus deaths: 553,483+
U.S. Virus cases: 3.1 million+
U.S. Virus deaths: 133,195+
~ Dave James / Principal Trader and Market Strategist