It’s a reversal of fortune. On Tuesday, the cautious optimism turned to pessimism as hopes for an economic stimulus package fade. The rhetoric from both political parties intensified causing investors to take risk off the table. That sentiment caused investors to rethink their bullish thesis and by the end of the day all three major indexes closed lower.
At the close on Tuesday, the $DJI lost 0.35% to 28,210.82. The NASDAQ Composite slipped to 11,484.69, down 0.28%. The S&P 500 lost 0.22% to 3435.56. The Russell 2000 also followed the bearish trend to close lower by 0.79% to 1604.98.
The InvestorsPrism family of indexes ended the day lower in line with broader market performance. The PRISM Emerging Gene Therapy index closed lower by 3.0%, with Arrowhead Pharmaceuticals (ARWR, +3.62%) staying positive to lead the advancers. The PRISM Emerging MedCannabis index closed lower by 0.3% on the day. The PRISM Emerging MedDevices index traded lower by 0.4%. Pro-Dex, Inc. (PDEX, +4.2%), however, added to its double-digit gains from Monday despite weakness in the sector.
Other PRISM indexes closed lower. The PRISM Emerging MedDiagnostics index moved lower by 1.7%. The PRISM Emerging New Economy index closed lower by 0.7%, and the PRISM Emerging Pet Care & AgriBiz index closed lower by 0.2% on the day. The biotech heavy PRISM Emerging Vaccines & Cell Therapy index closed lower by 3.4%, but Dyadic International (DYAI, +5.15%) bucked the bearish trend to move nicely to $7.35 per share.
The top commodities are mixed at 4:00pm ET as risk leaves equities. Crude Oil is trading lower by roughly 4% to $40.07. Gold is modestly higher to $1927.70 per oz., and Silver is also trading higher from Monday’s 4pm price at $25.16 oz. Bitcoin ($BTC) had a huge move, rising 14.8% to $12,701.60 as of 4pm est.
*data as of market close at 4pm est on 10/21/20