D&D Note (7.23.2020) ~ Markets Drop Led By Tech As Jobless Claims Rise ~
Markets snapped a 4-day win streak today with all major indices falling on the day and VIX rising back above 26.
Jobless claims rise showing we are not out of the woods yet due to the ongoing pandemic. This was the first uptick in claims since March.
Tech stocks took a beating today giving up the gains from Mondays session.
Notable movers today:
SPOT down -6.77%
AAPL down -4.79%
SQ down -4.78%
TSLA down -4.73%
MSFT down -4.36%
TTD down -4.27%
ZM down -3.82%
AMZN down -3.72%
GOOG down -3.36%
SHOP down -3.25%
FB down -3.10%
NFLX down -2.51%
The overall market has simply been driven by liquidity from the FED’s balance sheet. Many worry about a taper tantrum when the FED reduces the balance sheet and will send markets drastically lower.
Gold closes in on the all time intraday high of $1,923.70 an ounce set back in 2011.
Tesla reported a profit last night which now qualifies the company to be potentially added to the S&P 500. Although the company is still benefiting from other car companies buying EV credits from them which is not a sustainable path to profitability.
DOW down -1.31%
S&P 500 down -1.23% (3235.66)
NASDAQ down -2.29%
Oil down -2.00% to $41.06 a barrel.
Gold up 1.04% to $1884.50 an ounce.
California reports record single-day death toll of 157 people and has surpassed New York in total number of Covid-19 cases making it now the states with the highest cases. Majority of these are in Southern California.
California cases: 421,000
New York cases: 409,00
Florida cases: 389,000
Texas cases: 363,000
Global Virus cases: 15.34 million+
Global Virus deaths: 626,190+
U.S. Virus cases: 4.02 million+
U.S. Virus deaths: 143,967+
~ Dave James / Principal Trader and Market Strategist
No comments yet.