D&D Note (9.29.2020) ~ Stocks Pause Ahead Of Presidential Debate With Energy Reversing Yesterdays Gain And Global Covid-19 Deaths Top 1 Million ~
Stocks today took a bit of a pause ahead of the highly anticipated Presidential debate tonight. Investors will be keying in on what the candidates say about China and the pandemic.
Wall Street will be looking to see if there is a clear “winner” in tonights debate to help guide them going forward on where the market will move.
Energy led yesterdays rally and reversed today being the worse performing sector. Oil futures fell as much as 4% today and is now trading below its 100 day moving average.
Gold pushes back above $1900 as the Dollar continues to fall.
Beyond Meat rallies over 9% after the company announced an expanded Walmart distribution deal.
Chinese automaker NIO rises over 11% after Deutsche Bank issues a bullish stance on the stock.
Shopify gains over 6% as investors begin to worry about the pandemic surging again which would benefit the e-commerce shopping cart company.
Disney announced they will layoff 28,000 employees as the Coronavirus is pressuring its theme park business.
All major indices closed near the lows of the day in essentially a reversal of yesterdays market action.
DOW down -0.48%
S&P 500 down -0.48% (3335.47)
NASDAQ down -0.29%
VIX up 0.31% to 26.27
Oil down -3.89% to $39.02 a barrel.
Gold up 1.04% to $1901.80 an ounce.
Gov. Cuomo says New York is seeing Covid-19 cluster outbreaks in Orthodox Jewish communities.
The NFL has had its first virus scare with 3 players and 5 staff members of the Tennessee Titans testing positive causing both the Titans and Minnesota Vikings to suspend in-person club activities.
The global Coronavirus death toll has now passed 1 million with the virus being in the world’s top five causes of death this year.
Global Virus cases: 33,484,488+
Global Virus deaths: 1,004,129+
U.S. Virus cases: 7,180,411+
U.S. Virus deaths: 205,774+
~ Dave James / Principal Trader and Market Strategist