D&D Note (8.25.2020) ~ Markets Mixed With Apple Dragging Down DOW While S&P 500 And NASDAQ Rally To New All Time Highs ~
Before we get to market news, once again we have seen extreme injustice to another unarmed black person with Jacob Blake being shot 7 times in the back in front of his children one of whom was celebrating his 8th birthday and had to witness a white cop shoot his father in the back.
The time is NOW for change. The time is NOW to stop police brutality. The time is NOW for black and brown lives to be treated equally as white lives.
1, 2, 3, 4, 5, 6, 7 times shot in the back.
Black Lives Matter.
In markets we had positive movement on the trade deal with China last night which helped push the S&P 500 and NASDAQ to new all time highs today. Last night the U.S. said “Both sides see progress” on the Phase 1 deal with China.
The DOW was dragged down today by Apple as it snapped a 5-day winning streak falling -0.73% today.
The RNC begins night two. Some of the speakers include Melania Trump, Mike Pompeo, Rand Paul, and Myron Lizer.
Hurricane Laura is headed for the Texas and Louisiana coasts causing over half a million people to be ordered to evacuate.
Starbucks upgraded to Buy rating at Stifel on sales recovery with a price target of $90.
Facebook price target raised to $330 at UBS on E-commerce Ad potential with a Buy rating.
AMD price target raised to $100 at Piper Sandler on execution and new products with an Overweight rating.
American Airlines will cut 19,000 jobs in October when federal aid expires. Airlines have called for an extension of the $25 billion in federal payroll aid to avoid having to furlough employees.
There are now 30 states that have been approved to provide an extra $300 a week in federal unemployment benefits. The additional amount will be automatically applied to those currently on unemployment. However, it could take several weeks for the extra amount to show up in their accounts.
Germany extends its wage support program through the end of 2021.
DOW down -0.21%
S&P 500 up 0.36% (3443.62)
NASDAQ up 0.76%
VIX down -1.52% to 22.03
Oil up 1.81% to $43.39 a barrel.
Gold down -0.24% to $1934.50 an ounce.
Many colleges just a week into classes starting are now telling students to leave campus and go back home as they switch to online only after Coronavirus cases continue to climb on campus.
Global Virus cases: 23.74 million+
Global Virus deaths: 815,476+
U.S. Virus cases: 5.76 million+
U.S. Virus deaths: 178,129+
~ Dave James / Principal Trader and Market Strategist