Market Update for Monday – October 19th, 2020…..here’s where the major markets ended today: MARKETS S&P 500 3,427 -57 -1.6% Dow Jones 28195 -411 -1.4% Nasdaq 11479 -193 -1.7% Crude Oil 41.08 -0.04 -0.1% Gold 1911.9 +5.5 +0.3% *As of market close And here are today’s highlights:
- Stocks fell after House Speaker Nancy Pelosi set a deadline in order for a stimulus deal to get done before the election. The deadline? Tuesday. Stocks dropped to session lows after reports that a deal before the deadline is unlikely. Pelosi and Treasury Secretary spoke Monday and have plans to speak again on Tuesday.
- The stimulus deadline comes while cases are rising. On Friday 70,000 cases were recorded, the biggest 1-day jump since July.
- The NASDAQ led the major indices lower today with a 1.7% loss. While the S&P and DOW had their worst day since September 23rd.
- AMC Entertainment (AMC) saw a nice jump after Andrew Cuomo, the Governor of New York, said that most theaters in New York could re-open by October 23rd (this doesn’t include New York City theaters). AMC finished the day with a 16.5% gain.
- Although the economic calendar is rather lite, it’s a big week for earnings. A few of the big names include: Chipotle (CMG), Intel (INTC), Netflx (NFLX), and Tesla (TSLA). IBM (IBM) reported after the bell today and is down 2.7% in after hours trading after reporting numbers that were in-line with expectations.
Market Update for Tuesday – October 20th, 2020Folks, first things first – here’s where the major markets ended today: MARKETS S&P 500 3,443 +16 +0.5% Dow Jones 28309 +113 +0.4% Nasdaq 11516 +38 +0.3% Crude Oil 41.62 +0.56 +1.4% Gold 1915.2 +3.5 +0.2% *As of market close And here are today’s highlights:
- Today’s stimulus deadline was in the spotlight today. House Speaker Nancy Pelosi said that Democrats and the White House were making progress. Pelosi also elaborated on the deadline, saying “it isn’t that this day was a day that we would have a deal, it was a day that we would have our terms on the table to be able to go to the next step.
- Stocks opened the day slightly higher then rallied to session highs in the afternoon. But a sell off in the last hour of the day left the major indices right around where the day began.
- The U.S. government filed a lawsuit against Google (GOOGL) saying it violated antitrust laws. But in spite of the news, GOOGL ended higher by 1.4%.
- In earnings news, IBM (IBM) dropped 6.5% after reporting a decline in quarterly revenue.
- AMC Entertainment (AMC) gave back most of yesterday’s 16.5% gain after warning of a possible bankruptcy. The stock finished the day with a 12.7% loss.
- Netflx (NFLX) was on the move in after hours trading after reporting worse than expected subscriber growth and falling short of analyst earnings estimates. The stock traded down by as much as 6.0% in after hours trading
Market Update for Wednesday – October 21st, 2020
DOW loses 98 points without any major stimulus newsFolks, first things first – here’s where the major markets ended today: MARKETS S&P 500 3,436 -8 -0.2% Dow Jones 28211 -98 -0.4% Nasdaq 11485 -31 -0.3% Crude Oil 40.05 -1.65 -4.0% Gold 1929.8 +14.4 +0.8% *As of market close And here are today’s highlights:
- Stocks were flat at the open today, then quickly rallied. But after the early rally stocks retreated and were choppy for the rest of the trading day. Then a selloff in the last 30 minutes of trading left the major indices at lows of the day
- Traders are still hoping for some stimulus news. And today there weren’t any major stimulus updates. House Speaker Nancy Pelosi said she’s still optimistic about an agreement, but suggested that President Trump would have to persuade Senate leader Mitch McConnell to get a deal done.
- Johnson & Johnson (JNJ) and AstraZeneca (AZN) said they will resume U.S. trials this week. JNJ dropped 0.4% today and AZN finished lower by 1.2% in spite of the news.
- Snap (SNAP) was a big winner today, up 28.3% after positing a surprise profit last quarter.
- But Netflx (NFLX) was a loser on disappointing subscriber growth. The stock continued to drop following yesterday’s after hours slide and finished the day with a 6.9% loss.
Market Update for Thursday – October 22nd, 2020Dow climbs 152 points after Pelosi says stimulus deal is “just about there” – here’s where the major markets ended today: MARKETS S&P 500 3,453 +18 +0.5% Dow Jones 28364 +153 +0.5% Nasdaq 11508 +23 +0.2% Crude Oil 40.65 +0.62 +1.6% Gold 1904.9 -24.6 -1.3% *As of market close And here are today’s highlights:
- Stocks finished higher today after some positive stimulus comments from House Speaker Nancy Pelosi. Pelosi said that a deal with new aid was “just about there” and “if we were not making progress, I wouldn’t spend five seconds in these conversations.” She added, “I do believe that BOTH sides want to reach an agreement.
- Dropping after the open, stocks grinded higher from 10:45am ET until the close, eventually ending near session highs. The DOW led the major indices today with a 0.5% gain.
- Banks were winners today. JP Morgan Chase (JPM) rallied 3.5%, Morgan Stanley (MS) was up 2.8% and Bank of America (BAC) finished higher by 3.4%.
- Tesla (TSLA) reported its 5th straight quarter of profits, delivering a record 139,300 vehicles in the quarter. Tesla finished the day with an 0.8% gain.
- Coca Cola (KO) was an earnings winner as well, higher by 1.4% after better than expected profit forecasts.
- In after hours trading Gilead Sciences (GLD) is up more than 4.5% after the Food and Drug Administration (FDA) approved the company’s drug remdesivir for the virus.
Market Update for Friday – October 23rd, 2020…. here’s where the major markets ended today: MARKETS S&P 500 3,465 +12 +0.3% Dow Jones 28336 -28 -0.1% Nasdaq 11548 +42 +0.4% Crude Oil 39.85 -0.79 -1.9% Gold 1905.0 +0.4 +0.02% *As of market close And here are today’s highlights:
- Stocks opened higher then slowly dropped throughout the morning and into lunch. But around 12:30pm ET stocks found a bottom and spent the afternoon in a slow steady rally. By the end of the day the major indices were mixed.
- Although the S&P and NASDAQ ended the day positive, it wasn’t enough for the indices to get back into positive territory for the week. The S&P lost 0.5% for the week and the DOW lost 1.0%. It was the first loss in 4 weeks for the two indices. The NASDAQ dropped 1.1% this week and snapped a 4 week winning streak.
- Traders were less optimistic about a stimulus deal after Treasury Secretary Steven Mnuchin said that House Speaker Nancy Pelosi is “dug in” on number of issues. He added that “if she wants to compromise, there will be a deal.” President Trump added to the uncertainty by saying that he does NOT want a deal that will bail out Democratic states.
- Intel (INTC) reported mixed earnings and was hammered. The stock lost 10.6% today.
- Tesla (TSLA) suffered a 1.2% loss today after news that it is recalling nearly 50,000 of its Model S and Model X cars because of a suspension defect.
- Yesterday there was news that Gilead Sciences (GLD) had their antiviral drug remdesivir approved by the Food and Drug Administration (FDA). And today there was news that the FDA has allowed AstraZeneca (AZN) to proceed with their clinical trials for a vaccine. The stock didn’t react much to the news, showing just a 0.1% gain.