Market Update (10/23)
Stocks ended mixed on Friday as investors remained cautious into the weekend and evaluated prospects of a near-term stimulus deal as well as the potential impact of the final presidential debate on the upcoming election. Dow-component Intel (INTC) is helping to send mixed messages regarding the strength of the economy, selling off more than 10% after the company unexpectedly posted a quarterly decline in data center chip sales. The company said revenues dropped by nearly 50% from enterprise and government clients during to the pandemic. Shares of another Dow component, American Express, (AXP) also declined after the company reported third-quarter profit that missed consensus expectations. Without a clear message to provide direction, stocks meandered through the day on Friday.
At the close on Friday, the $DJI lost 0.10% to 28,335.37. The NASDAQ Composite jumped to 11,548.28, up 0.37%. The S&P 500 gained 0.34% to 3465.39. The Russell 2000 kept a bullish tone to close higher by 0.57% to 1639.57.
The InvestorsPrism family of indexes ended the day higher, following the modest gains in the NASDAQ and Russell 2000 indexes. The PRISM Emerging Gene Therapy index closed higher by 0.7%, with Solid Biosciences (SLDB, +10.64%) leading the advancers. The PRISM Emerging MedCannabis index closed higher by 0.1% on the day. The PRISM Emerging MedDevices index traded higher by 0.8%. Medigus Ltd. (MDGS, +13.39%) led the index posting a double-digit percentage gain from Thursday’s close.
Other PRISM indexes also closed mixed. The PRISM Emerging MedDiagnostics index moved higher by 0.1%. The PRISM Emerging New Economy index closed higher by 0.9%, and the PRISM Emerging Pet Care & AgriBiz index closed higher by 0.5% on the day. The biotech heavy PRISM Emerging Vaccines & Cell Therapy index closed lower by 3.5%. BiondVax Pharmaceuticals pulled the index down, (BVXV, -86.27%) after missing a statistically significant endpoint in its universal vaccine trials.
The top commodities are mixed at 4:00pm ET as risk enters back into the markets. Crude Oil is trading lower by roughly 2.29% to $39.71. Gold is lower by less than one-percent to $1906.30 per oz., and Silver is also trading lower from Thursday’s 4pm price at $24.66 oz. Bitcoin ($BTC) gave back the $13,000 level and is currently trading at $12,912.91.
*data as of market close at 4pm est on 10/23/20