D&D Note (9.28.2020) ~ Equities Rally Led By Cyclical Stocks All Sectors In The Green Today ~
Friday’s rally carried over into todays cash trading with a broad based rally.
Cyclicals led the rally today with Energy, Financials, and Industrials the biggest gainers. All sectors finished in the green on the day.
The Dollar reversed its recent gains retreating from near term highs which helped commodities like Gold and Oil to rally.
Elon Musk says his companies stock, Tesla, may be overvalued today but he thinks the company will be worth more in 5 years.
FedEx upgraded to Buy rating at Deutsche Bank on strong pricing power with a price target of $318.
UPS upgraded to Overweight position at Keybanc on new CEO and domestic growth with a price target of $190.
Expedia downgraded to Sector perform rating at RBC on uncertain travel outlook with a price target of $93.
Boeing rallies over 6% today on the news the head of the FAA will personally pilot a 737 Max jet this week.
Virgin Galactic rallies over 24% as the Street continues to be optimistic over future space travel.
The revelation of Trump’s massive debt coming up for repayment raises ‘a national security question,’ says Nancy Pelosi. Trump owes more than $300 million in loans due in 4 years to non American banks in countries including Turkey and Russia.
The major equity indexes closed near the highs of the day with the S&P 500 and NASDAQ hovering right around their 50 day moving averages.
DOW up 1.51%
S&P 500 up 1.61% (3351.60)
NASDAQ up 1.87%
VIX down -0.72% to 26.19
Oil up 0.75% to $40.55 a barrel.
Gold up 1.11% to $1882.34 an ounce.
Dr. Fauci is worried about recent Covid-19 trends in the U.S. as the positivity rate now exceeds 25% in some Midwest states.
The WHO says the official Coronavirus death toll is likely ‘an underestimate.’
Global Virus cases: 33.23 million+
Global Virus deaths: 999,369+
U.S. Virus cases: 7.13 million+
U.S. Virus deaths: 204,967+
~ Dave James / Principal Trader and Market Strategist
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