D&D Note (8.20.2020) ~ Tech Lifts Markets But Lack Of Breadth In Todays Rally Keeps S&P 500 Below Record High ~
Yesterday we saw markets fall post the FED minutes release which the FOMC walking back providing guidance in their upcoming September meeting.
US Jobless claims tick higher with 1.1 million new claims. The uptick was unexpected after we had been seeing a downward trend.
The jobless claims put a dent in a broad based rally and only Tech led gains today. The lack of breadth limited upside keeping markets below recent all time highs.
NVIDIA price target raise to $507 at Morgan Stanley on ‘exceptional’ Q2 and has an Equal Weight rating.
Lyft suspends California service after order to classify drivers as employees. However, a California court today at the last minute granted an extension. This should allow both ride share apps in the near term to maintain service in the Golden State.
Steve Bannon was arrested on fraud charges in connection to border wall fundraising scheme.
DOW up 0.17%
S&P 500 up 0.32% (3385.51)
NASDAQ up 1.06%
VIX up 0.80% to 22.72
Oil down -0.82% to $42.58 a barrel.
Gold up 1.13% to $1950.72 an ounce.
Johnson & Johnson is planning a 60,000 person vaccine trial.
Florida becomes the fifth state to reach over 10,000 deaths due to Covid-19.
Global Virus cases: 22.51 million+
Global Virus deaths: 789,728+
U.S. Virus cases: 5.55 million+
U.S. Virus deaths: 173,798+
~ Dave James / Principal Trader and Market Strategist