Market Update (9/02)
Bucking the September blues, major stock indexes continued to attract buyers attention. Despite a disappointing report on private monthly payroll gains, investors found encouragement from an upbeat earnings report from Macy’s (M) and from AMC (AMC) announcing that it would open additional theater locations this weekend. Traders also were receptive to comments from the Treasury Secretary that more direct support to individuals and businesses is expected as a result of the ongoing pandemic. Gainers included Amazon (AMZN) and Google (GOOG), both trading intraday to new all-time highs. Tesla (TSLA) and Apple (AAPL) closed lower- ending a streak of gains since their respective stock splits.
Indexes were in a bullish mood. The $DJI closed higher by 0.67% to 28,838.02. The NASDAQ Composite is higher to 12,506.44 up 0.98%. The S&P 500 closed higher by 1.54% to close at 3580.84. The Russell 2000 also caught a nice bid to close higher by 0.92% to 1593.08.
The InvestorsPrism family of indexes closed the day mixed. The PRISM Emerging Gene Therapy index closed higher by 0.1%, with Sangamo Therapeutics (SGMO) leading the gainers. The PRISM Emerging MedCannabis index moved lower by 2.5%. The PRISM Emerging MedDevices index fell by 1.0%. Moving higher in that index is OrthoPediatrics Corp. (KIDS), which traded higher by 0.48%.
Other PRISM indexes closed mixed. The PRISM Emerging MedDiagnostics index fell by 0.5%. The PRISM Emerging New Economy index is lower by 0.5%, and the PRISM Emerging Pet Care & AgriBiz index closed flat 0.0%. Tracking biotechs, the PRISM Emerging Vaccines & Cell Therapy index closed lower by 1.2%.
The top commodities were mostly lower as of 4:00pm est.. Compared to Tuesday’s 4:00pm prices, Crude Oil is lower by over a dollar to $41.62 per barrel, Gold lower to $1947.30 per oz., and Silver also lower to $27.56 per oz.. Bitcoin’s ($BTC) rally above $12,000 stalled and the virtual coin dropped by $558 dollars overnight to settle at $11,396.09 as of 4pm est.
*data as of market close at 4pm est on 9/02/20