Market Update (11/18)
Stocks lost ground on Wednesday, reversing early session gains after encouraging data from Pfizer helped lift the markets initially higher. As all eyes look to pandemic relief, Pfizer said that it had concluded its Phase 3 trial of its vaccine candidate and found its inoculation to be 95% effective against COVID-19. Pfizer said it expects to be able to submit for emergency use authorization with the Food and Drug Administration “within days.” Still, investors took pause on the news as they evaluate logistical concerns as well as production capabilities as potential headwinds for the vaccine becoming a global solution.
At the close, the $DJI lost 1.16% to 29,438.42. The NASDAQ Composite closed lower to 11,801.60, down 0.82%. The S&P 500 lost 1.16% to 3567.79. The Russell 2000 was lower by 0.91% to 1775.22.
The InvestorsPrism family of indexes closed mixed. The PRISM Emerging Gene Therapy index closed lower by 1.1%. The PRISM Emerging MedCannabis index is lower by 0.2% on the day. The PRISM Emerging MedDevices index increased by 0.3%.
Other PRISM indexes closed mixed. The PRISM Emerging MedDiagnostics index lost 1.1%. The PRISM Emerging New Economy index closed higher by 1.1%, and the PRISM Emerging Pet Care & AgriBiz index closed lower by 1.1%. The biotech heavy PRISM Emerging Vaccines & Cell Therapy index also closed lower by 0.9%.
The top commodities are mixed at the 4:00pm ET mark. Crude Oil is trading higher to $41.66, up 0.56%. Gold is lower by 0.88% to $1868.50 per oz., and Silver is lower by 1.32% to $24.33 oz. Bitcoin ($BTC) is taking a pause after breaking through $17,000, now trading to $17,637.15 as of 4pm est.
*data as of market close at 4pm est on 11/18/20
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