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D&D Note

D&D Note (7.31.2020) ~ No Stimulus Deal But Tech Lifts Markets ~ #StockMarket

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D&D Note (7.31.2020) ~ No Stimulus Deal But Tech Lifts Markets ~

There is still no stimulus deal out of Congress which dragged down the DOW and S&P 500 to open while strong tech earnings boosted the NASDAQ.

When news broke that Congress will be meeting tomorrow to further work on the deal it lifted the markets in the afternoon session back into the green.

Apple and Amazon both boosted the S&P 500 on the day while Alphabet (Google) dragged down the index. Also loosing on the day was Exxon and Chevron which both posted their worse quarterly loss in a generation.

The U.S. is now forcing TikTok to sell its American operations by forcing parent company ByteDance to divest ownership. Microsoft is said to be in talks to buy the American unit.

Earlier in the day Microsoft had also been a drag on the markets but then rallied hard after the TikTok news broke and paired its losses.

Apple rose over 10% today which in one day added the equivalent market cap of Nike.

Facebook price target raised to $300 at Wedbush siting Q2 sales beat with an Outperform rating.

Alphabet downgraded to a Hold at Stifel seeing limited upside with a price target of $1,600.

Amazon price target raised to $4,000 at Deutsche Bank on blowout Q2 with Buy rating.

DOW up 0.44%

S&P 500 up 0.77% (3271.12)

NASDAQ up 1.49%

VIX down -1.21% to 24.46

Oil up 1.28% to $40.43 a barrel.

Gold up 1.38% to $1994.00 an ounce.

Dr. Fauci says that because Covid-19 is so contagious it is likely that it won’t ever disappear.

Global Virus cases: 17.49 million+

Global Virus deaths: 677,279+

U.S. Virus cases: 4.55 million+

U.S. Virus deaths: 153,268+

 

~ Dave James / Principal Trader and Market Strategist

About ddinvestments

Trading Partner for D&D Investments

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