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D&D Note (10.19.2020) ~ Stimulus Deadline Weighs On Stocks And Global Covid-19 Cases Top 40 Million ~ #StockMarket

D&D Note (10.19.2020) ~ Stimulus Deadline Weighs On Stocks And Global Covid-19 Cases Top 40 Million ~

Stocks in the U.S. opened in the green but steadily fell throughout the session. As we approached the final hours of trading stocks took a leg lower over concerns about the Stimulus deal.

Nancy Pelosi has given the White House a 48 hour deadline, ending Tuesday night, to finalize negotiations on fiscal stimulus ahead of the elections. If the deadline is not met then there will be no stimulus until post election.

Also factoring into the markets is the continued rise in Covid-19 cases not just in the U.S. but globally as cases top 40 million. Europe in particular is getting hit hard and lockdowns and restrictions are going back in place.

All S&P 500 sectors finished in the red on the day. Energy and Tech got hit the worse. Utilities and Materials being hit the least today.

Cannabis stocks continue to rally on the notion a Biden/Harris win will lead to decriminalizing Cannabis as Kamala Harris had said during the VP debate. Canopy Growth (CGC) was up 11.43% today.

NASA is launching a 4G mobile network on the moon granting Nokia $14.1 million to build the network which will allow astronauts to make voice and video calls.

India stocks look attractive according to Morgan Stanley with an Overweight rating on Consumer Discretionary, Industrials, and Energy.

The major indices all closed near the lows of the day. The S&P 500 had its worst day in 3 weeks.

DOW down -1.44%

S&P 500 down -1.63% (3426.92)

NASDAQ down -1.65%

VIX up 6.46% to 29.18

Oil down -0.39% to $40.72 a barrel.

Gold down -0.01% to $1906.20 an ounce.

Hospitalizations rise in 37 states in the U.S. with 10 states hitting record highs in average hospitalizations (Alaska, Iowa, Kentucky, Montana, Nebraska, Oklahoma, South Dakota, Utah, Wisconsin, and West Virginia).

Canada extends U.S. travel restrictions to Nov 21st.

Former FDA chief in the Trump administration, Dr. Scott Gottlieb said, “We’re probably in the 7th inning of the acute phase of this pandemic right now, but the hardest part is probably ahead.”

Global Virus cases: 40,256,991+

Global Virus deaths: 1,116,060+

U.S. Virus cases: 8,189,710+

U.S. Virus deaths: 219,950+

~ Dave James / Principal Trader and Market Strategist

About ddinvestments

Trading Partner for D&D Investments


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