Market Update (10/27)

Stocks were mixed Tuesday following a brutal Monday selloff that pushed the Dow and S&P 500 to their biggest one-day drops in more than a month. Weakness in the Dow continued on Tuesday as 3M and Caterpillar both fell after reporting disappointing earnings results. The S&P and NASDAQ markets stabilized, following their 1.9% and 1.6% drop on Monday, respectively.

At the close, the $DJI lost 0.80% to 27,463.82. The NASDAQ Composite moved higher to 11,431.35, up 0.64%. The S&P 500 dropped 0.30% to 3390.74. The Russell 2000 joined the bearish mood to close lower by 0.63% to 1594.95.

The InvestorsPrism family of indexes followed the broader markets by also closing mixed. The PRISM Emerging Gene Therapy index closed higher by 0.8%, with Arrowhead Pharmaceuticals (ARWR, +4.38%) helping to lead the pack higher.  The PRISM Emerging MedCannabis index closed lower by 2.0% on the day. The PRISM Emerging MedDevices index traded lower by 1.1%. BIOLASE, Inc. (BIOL, -3.98%) contributed to the index weakness.

Other PRISM indexes also closed mixed. The PRISM Emerging MedDiagnostics index moved higher by 0.5%. The PRISM Emerging New Economy index closed lower by 1.8%, 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 0.4%. BiondVax Pharmaceuticals (BVXV, -15.90%)  again pulled the index lower, closing at $3.28, down from its high of $39.73 at the close last Thursday.

The soft rebound into equities helped the top commodities gain value at 4:00pm ET. Crude Oil is trading higher by roughly 2.33% to $39.46. Gold is modestly higher to $1910.20 per oz., and Silver is trading roughly a half-percent higher at $24.52 oz. Bitcoin ($BTC) is breaking nicely higher above $13,000, gaining 3.7% to $13,658.93.

*data as of market close at 4pm est on 10/27/20

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Market Update (10/27)

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