Market Update (10/14)
Stocks extended losses on Wednesday as hopes of a sooner rather than later stimulus bill approval fade. Investors also responded with mixed emotions to more earnings reports from the country’s largest corporations. Dow component Goldman Sachs (GS) reported third-quarter results that well exceeded consensus estimates, buoyed by investment banking and fixed income trading revenue growing over last year and topping expectations. Those results gave a boost to other banks including JPMorgan Chase and Citigroup but it did not extend to Bank of America (BAC), which posted lighter-than-expected trading revenue from stocks and bonds, and a revenue miss compared to estimates.
The InvestorsPrism family of indexes closed mixed. The PRISM Emerging Gene Therapy index closed lower by 1.3%, with Solid Biosciences (SLDB ,+5.6%) bucking that trend to close higher. The PRISM Emerging MedCannabis index closed lower by 2.6% on the day, with Pressure BioSciences (PBIO, 3.4%) taking back some of yesterday’s losses. The PRISM Emerging MedDevices index followed suit, closing lower by 1.5%.
Other PRISM indexes also closed mixed. The PRISM Emerging MedDiagnostics index lost 0.4%, but Interpace Diagnostics (IDXG, +32.9%) was a strong performer for the index . The PRISM Emerging New Economy index closed higher by 0.3%, and the PRISM Emerging Pet Care & AgriBiz index closed lower by 1.0%. The biotech heavy PRISM Emerging Vaccines & Cell Therapy index closed lower by 3.6%, with Sorrento Therapeutics (SRNE, -15.48% leading the decliners.
The top commodities are mixed at the 4:00pm ET mark. Crude Oil is trading higher to $41.03. Gold is higher to $1904.80 per oz., and Silver is up by roughly 1% to $24.35 oz. Bitcoin ($BTC) is trading near its Tuesday 4pm price at $11,369.97 as of 4pm est.
*data as of market close at 4pm est on 10/14/20