Market Update (10/19)
Stocks accelerated losses into the close with the three major indexes closing lower by at least one-percent. The weakness was again attributed to investors weighing the fading prospects of a near-term stimulus package. A rise in coronavirus cases in the U.S. is also cause for concern at the consumer markets level. Shares of Cisco (CSCO), Amgen (AMGN) and UnitedHealth Group (UNH) lagged. The communication services, real estate and consumer discretionary sectors each underperformed in the S&P 500.
As confidence erodes, so do the markets. At the close on Monday, the $DJI lost 1.44% to 28,195.42. The NASDAQ Composite slipped to 11,478.88, down 1.65%. The S&P 500 lost 1.63% to 3426.92. The Russell 2000 followed the bearish trend to close lower by 1.24% to 1613.63.
The InvestorsPrism family of indexes ended the day mixed. The PRISM Emerging Gene Therapy index closed lower by 2.3%, with Logic BioTherapeutics (LOGC, -8.02%) leading the decliners. The PRISM Emerging MedCannabis index closed higher by 2.5% on the day. The PRISM Emerging MedDevices index traded modestly lower by 0.8%. CHF Solutions (CHCF, -17.27%) led the decliners.
Other PRISM indexes also closed mixed. The PRISM Emerging MedDiagnostics index moved lower by 0.8%. The PRISM Emerging New Economy index closed flat 0.0%, and the PRISM Emerging Pet Care & AgriBiz index closed higher by 0.6% on the day. The biotech heavy PRISM Emerging Vaccines & Cell Therapy index closed lower by 2.3%, but Kamada Ltd. (KMDA, +5.79%) was nicely higher on strong volume.
The top commodities are mostly lower at the 4:00pm ET mark. Crude Oil is trading lower to $40.63. Gold is lower to $1905.10 per oz., and Silver is trading modestly higher from Friday’s 4pm price at $24.42 oz. Bitcoin ($BTC) is still churning above its important $11,000 support level and is currently trading hands at $11,681.37 as of 4pm est.
*data as of market close at 4pm est on 10/19/20