As we head into the close for the week, stocks are at or near session lows in a market selloff ending what was a volatile week. The reason for the selloff, spiking cases for Coronanvirus in several states.
The U.S. hit a new record for daily coronavirus cases. That has caused the governors of Texas and Florida to pause their reopening plans, with both states effectively closing bars to limit the spread of coronavirus. Coronavirus cases are trending upward in about half of U.S. states, and several have reported record-breaking daily new case counts this week, according to Johns Hopkins University. The U.S. reported 39,972 daily cases of the coronavirus on Thursday, a new daily record, according to Johns Hopkins.
Both the S&P 500 and DOW have now gone negative for the month, but the NASDAQ continues to trade in positive territory on a monthly level. However, on a weekly level, all three indexes will post weekly losses with the S&P 500 losing over -2%, the DOW will drop over -2.9% closing in on -3%, and the NASDAQ is looking at a weekly loss over -1%. Continue reading "Market Selloff To End Volatile Week"→
The stock market started the day with significant gains but quickly retreated as cases of coronavirus continue to spike in the states of Florida, Arizona, and California. On top of that, the WHO (World Health Organization) reported this afternoon that the pandemic has entered what WHO Director-General Tedros Adhanom Ghebreyesus termed "a new and dangerous phase" as daily Covid-19 cases hit record highs.
Despite the turn lower at the end of the week, all three major indexes will post weekly gains, their fourth straight week of gains. The S&P 500 will post a weekly increase of +2%, while the DOW will check-in at +1%. The NASDAQ has the largest weekly gain standings at +3%. Reason for the weekly gains, a record surge in U.S. retail sales, and the Federal Reserve announcing it will buy individual corporate bonds. Continue reading "Stocks Mixed As Coronavirus Cases Spike"→
The DOW, S&P 500, NASDAQ, and Bitcoin all triggered new green monthly Trade Triangles signaling a move to a long-term uptrend. The move higher was on the back of a historic and surprising gain in U.S. jobs that raised hopes that the economy is starting to recover from the coronavirus pandemic.
U.S. employers added a shocking 2.5 million jobs last month, the largest gain on record, while the unemployment rate slid to 13.3%, the Labor Department said Friday. Economists polled by the Dow Jones expected a drop of more than 8 million jobs and the unemployment rate to nearly reach 20%, which would have been the highest since the 1930s. Continue reading "Indexes Trigger Monthly Trade Triangles"→
Crude oil just posted its best month ever after suffering its worst month ever, not that long ago. Crude oil in the July contract posted a monthly gain of +57%! Yes, you read that right, +57%, pushing the price of oil above $35 a barrel. It wasn't all that long ago that many traders learned that oil and futures could indeed trade in negative territory. Quite a turnaround, but will it continue?
As for stocks, the major indexes ended the week mixed on a daily level after President Donald Trump signaled no changes to the trade deal with China despite rising tensions in his Friday afternoon press conference form the White House rose garden. But on a weekly level, all three indexes posted weekly gains. The S&P 500 gained +3%, the DOW +3.7%, and the NASDAQ had a weekly increase of +1.7%.