Market Update (10/30)
Major U.S. stock indexes slipped on Friday, reversing the bullish sentiment from just a day earlier. Big cap names led the decliners after results failed to impress traders who are looking for more robust growth than what was delivered. A spike in coronavirus cases, the looming elections, and weakness in the energy markets added to the pessimistic close on Friday. Despite an attempt to rally at the close, the end result for the week was for the markets to post their worst level’s since the lows set in July.
At the close, the $DJI lost .59% to 26,501.60. The NASDAQ Composite moved lower to 10,911.59, down 2.45%. The S&P 500 lost 1.21% to 3269.96. The Russell 2000 joined the bearish mood to close lower by 1.91% to 1531.86.
The InvestorsPrism family of indexes followed the broader market direction. The PRISM Emerging Gene Therapy index closed lower by 5.0%, with Bellicum Pharmaceuticals (BLCM, -37.12%) weakest on the day. The PRISM Emerging MedCannabis index closed lower by 4.7%. Akerna Corp. (KERN, +1.28%) was one of three advancers in the index.
The PRISM Emerging MedDevices index traded lower by 2.8%. Allied Healthcare Products (AHPI, +6.94) led the bulls to top the index’s gainers list. Other PRISM indexes closed lower.
The PRISM Emerging MedDiagnostics index moved lower by 3.7%. The PRISM Emerging New Economy index closed lower by 4.0%, and the PRISM Emerging Pet Care & AgriBiz index closed higher by 2.3% on the day.
The biotech heavy PRISM Emerging Vaccines & Cell Therapy index closed lower by 3.6%. Cellect Biotechnology (APOP, -12.98%) gave back almost half of its previous day gains to lead the decliners.
The major commodities were mixed. At 4:00pm ET. Crude Oil is trading lower by 1.55% to $35.61. Gold is higher by 0.53% to $1877.90 per oz., and Silver is trading modestly higher at $23.68 oz., up 1.39%. Bitcoin ($BTC) is consolidating above the $13,000 level, trading at $13,517.69.
*data as of market close at 4pm est on 10/30/20