Market Update (10/15)
Stocks extended its losing streak for a third straight day as progress toward a stimulus bill stall, jobless claims increase, and coronavirus infections trend higher. That triple whammy caused the three major indices to fall roughly 1% each at the open and remain in the red for the remainder of the trading day. Also, a set of mixed corporate earnings this week have had little impact to encourage bullish sentiment. Big banks were in the spotlight and generally underwhelmed against expectations. Wells Fargo (WFC) reported quarterly profit that was less than half that of the same period last year, and Bank of America (BAC) posted a drop in revenue and weaker sales and trading results than reported from major peers including JPMorgan Chase (JPM) and Citigroup (C).
While the indexes battled back in the last hour of trading, the combination of news kept the indices in the red. At the close, the $DJI lost 0.06% to 28,495.58. The NASDAQ Composite closed lower to 11,713.87, down 0.47%. The S&P 500 lost 0.15% to 3483.34. The Russell 2000 managed to trade higher at the close, up 1.04% to 1638.35.
The InvestorsPrism family of indexes ended the day mixed. The PRISM Emerging Gene Therapy index closed lower by 0.1%, with Precigen, Inc. (PGEN ,+7.07%) bucking that trend to close higher. The PRISM Emerging MedCannabis index closed lower by 4.1% on the day, with Aphria, Inc. (APHA, -18.37%) leading the decliners. The PRISM Emerging MedDevices index followed suit, closing lower by 0.4%.
Other PRISM indexes also closed mixed. The PRISM Emerging MedDiagnostics index was flat 0.0%, with Interpace Diagnostics (IDXG, +9.6%) the strong performer for the index and extending its 32% gain from Wednesday. The PRISM Emerging New Economy index closed higher by 1.1%, and the PRISM Emerging Pet Care & AgriBiz index closed higher by 0.6%. The biotech heavy PRISM Emerging Vaccines & Cell Therapy index closed lower by 0.3%, with ADMA Biologics (ADMA, +2.18%) moving higher against the index trend.
The top commodities are mixed at the 4:00pm ET mark. Crude Oil is trading lower to $40.99. Gold is higher to $1911.80 per oz., and Silver is modestly lower to $24.28 oz. Bitcoin ($BTC) is holding above its important $11,000 support level and is currently trading hands at $11,533.28 as of 4pm est.
*data as of market close at 4pm est on 10/15/20