Market Update (10/28)

Both stocks and commodities dropped sharply on Wednesday as investors digest the news of elevating coronavirus case counts in the U.S. and Europe. Those concerns are added to potential market impacts from the upcoming elections as well as from uncertainty about when the next fiscal stimulus might get passed. U.S. equities’ weakness came alongside a plunge in European stocks, with the STOXX 600 selling off and hitting its lowest level since May.

At the close, the $DJI lost 3.43to 26,521.07. The NASDAQ Composite moved lower to 11,004.87, down 3.73%. The S&P 500 dropped 3.52% to 3271.18. The Russell 2000 joined the bearish mood to close lower by 2.69% to 1548.25.

The InvestorsPrism family of indexes followed the broader markets lower. The PRISM Emerging Gene Therapy index closed lower by 2.7%, with AVROBIO, Inc. (AVRO, -9.25%) weak on the day. The PRISM Emerging MedCannabis index closed lower by 3.9%. The PRISM Emerging MedDevices index traded lower by 3.8%. Allied Healthcare Products, Inc. (AHPI, +5.94%) bucked the bearish trend to close higher for the index.

Other PRISM indexes also closed lower. The PRISM Emerging MedDiagnostics index moved lower by 2.2%. The PRISM Emerging New Economy index closed lower by 2.7%, and the PRISM Emerging Pet Care & AgriBiz index closed lower by 3.7% on the day. The biotech heavy PRISM Emerging Vaccines & Cell Therapy index closed lower by 3.8%. BiondVax Pharmaceuticals (BVXV, +2.44%)  was one of two gainers in the index, recovering a portion of its massive losses from previous sessions.

The sell-off extended into the commodities market. At 4:00pm ET. Crude Oil is trading lower by 5.59% to $37.36. Gold is lower by 1.73% to $1878.80 per oz., and Silver is trading sharply lower at $23.44 oz., down 4.58%. Bitcoin ($BTC) is breaking from the pack to trade slightly higher over the 24-hour period to $13,201.89.

*data as of market close at 4pm est on 10/28/20

Share this article:

About the Author

Market Update (10/28)

Editor Investor Prism