Market Update (11/9)

November 09, 2020 at 5:30 pm - by Editor Investors Prism

Stocks surged to record highs Monday after traders embraced promising data on a leading COVID-19 vaccine candidate from Pfizer. Investors also responded to dwindling uncertainty over election results, with data showing a potential near-term decision over which candidate will be in the White House come January.

The Nasdaq lagged the Dow and S&P, however, as hopes for a vaccine led traders to turn away from tech stocks and other members of the “stay-at-home” trade.

At the close, the $DJI gained 2.95% to 29,157.97. The NASDAQ Composite moved lower to 11,713.78, down 1.53%. The S&P 500 gained 1.17% to 3550.50. The Russell 2000 advanced by 3.94% to 1709.16.

The InvestorsPrism family of indexes closed mixed. The PRISM Emerging Gene Therapy index closed higher by 4.2%, with Precigen, Inc. (PGEN, +10.59%) leading the advancers. The PRISM Emerging MedCannabis index added an impressive 4.5%, with Sundial Growers (SNDL, +83.4%) posting a second consecutive day of huge gains.

The PRISM Emerging MedDevices index traded higher by 3.1%. CryoLife, Inc. (CRY, +18.1%) was bullish to lead the advancers on strong volume. Other PRISM indexes closed mixed.

The PRISM Emerging MedDiagnostics index moved lower by 1.8%. The PRISM Emerging New Economy index closed lower by 0.5%, and the PRISM Emerging Pet Care & AgriBiz index closed higher by 0.5% on the day.

The biotech focused PRISM Emerging Vaccines & Cell Therapy index lost value, decreasing by 7.3%. Arcturus Therapeutics (ARCT, -45.38%) led the decliners.

The major commodities were mixed. At 4:00pm ET. Crude Oil is trading higher by 7.75% to $40.02. Gold is lower by 4.42% to $1865.60 per oz., and Silver is trading lower at $24.25 oz., down 5.52%. Bitcoin ($BTC) is holding above the $15,000 level, exchanging hands at $15,396.89 at 4:00pm ET.

*data as of market close at 4pm est on 11/09/20