Market Update (10/06)

October 06, 2020 at 4:25 pm - by Editor Investors Prism

Markets turned south on Tuesday after President Trump returned to the White House after a stay at Walter Reed medical center and said “No Deal” to the $2.2 trillion House Democrat stimulus proposal. That news disappointed traders who sent markets broadly lower. The three major indexes each lost more than 1% at the close. Airline stocks took a big hit with American Airlines (AAL) and Delta Airlines (DAL) leading that sector sharply lower on the day.

At the close, the $DJI lost 1.34% to 27,770.72. The NASDAQ Composite closed lower to 11,154.60, down 1.57%. The S&P 500 lost 1.40% to 3360.96. The Russell 2000 bucked the trend to close higher by 0.08% to 1583.24.

The InvestorsPrism family of indexes closed mixed. The PRISM Emerging Gene Therapy index closed higher by 5.9%. The PRISM Emerging MedCannabis index is higher by 0.3% on the day. The PRISM Emerging MedDevices index increased by by 0.1%.

Other PRISM indexes closed lower. The PRISM Emerging MedDiagnostics index lost 2.0%. The PRISM Emerging New Economy index closed lower by 0.6%, and the PRISM Emerging Pet Care & AgriBiz index closed lower by 0.3%. The biotech heavy PRISM Emerging Vaccines & Cell Therapy index closed lower by 4.0%.

The top commodities are mixed at the 4:00pm ET mark. Crude Oil is trading higher to $40.11, back above the $40 resistance level. Gold is modestly lower to $1893.90 per oz., and Silver is dropping by 4.44% to $23.47 oz. Bitcoin ($BTC) is consolidating with range-bound trading pricing the virtual currency at $10,572.36 as of 4pm est.

*data as of market close at 4pm est on 10/6/20