Market Update (10/13)
Stocks could not extend the bullish mood from Monday- causing the three major indexes to close lower on Tuesday. Investors weighed the first batch of earnings releases that showed JP Morgan Chase (JPM) posting an unexpected increase in profit over last year. The stock, though, closed lower by 1.66%. Investors are now turning focus toward special events from tech giants Amazon (AMZN) and Apple (AAPL) to see how the “main street” economy is faring as the pandemic continues to take a toll on consumers and employment. Amazon was essentially flat on the day and Apple closed lower by 2.65% ahead of their respective events.
At the close, the $DJI lost 0.55% to 28,679.81. The NASDAQ Composite closed lower to 11,863.90, down 0.10%. The S&P 500 lost 0.63% to 3511.93. The Russell 2000 closed lower by 0.74% to 1636.85.
The InvestorsPrism family of indexes closed mixed. The PRISM Emerging Gene Therapy index closed higher by 0.3%, led by NeuBase Therapeutics (NBSE ,+8.7%). The PRISM Emerging MedCannabis index closed lower by 1.6% on the day, with Pressure BioSciences (PBIO, -8.9%) leading the decliners.. The PRISM Emerging MedDevices index had a good day and closed higher by 1.9%.
Other PRISM indexes also closed mixed. The PRISM Emerging MedDiagnostics index gained 0.4%, led by Akers Bioscience (AKER, +6.06%). The PRISM Emerging New Economy index closed higher by 0.8%, and the PRISM Emerging Pet Care & AgriBiz index closed lower by 0.4%. The biotech heavy PRISM Emerging Vaccines & Cell Therapy index closed higher by 3.4%, led by BiondVax Pharmaceuticals (BVXV, +19.9%).
The top commodities are mixed at the 4:00pm ET mark. Crude Oil is trading higher to $40.24. Gold is more than 1.5% lower to $1897.80 per oz., and Silver is down by roughly 4% to $24.26 oz. Bitcoin ($BTC) is trading above its prior $11K resistance at $11,394.77 as of 4pm est.
*data as of market close at 4pm est on 10/13/20