Market Update (9/04)
The markets found buyers in the late afternoon Friday. But, the major indexes could not overcome the early morning bearish sentiment, with leading indexes closing lower heading into an extended holiday weekend. A continued sell-off at the open was broad. Still, value-seekers thought they saw a value opportunity in tech and consumer products leaders Amazon (AMZN), Apple (AAPL), and Facebook (FB), whom each clawed back steep intraday losses to close with declines of 3% or less. Apple turned positive to finish its day up 0.07% to $120.96.
Despite the late day surge, indexes were decidedly bearish. The $DJI closed lower by 0.56% to 28,133.31. The NASDAQ Composite is lower to 11,313.13 down 1.27%. The S&P 500 closed lower by 0.81% to close at 3426.94. The Russell 2000 also lost ground to close lower by 0.64% to 1534.10.
The InvestorsPrism family of indexes followed the markets lower. The PRISM Emerging Gene Therapy index closed lower by 2.4%. The PRISM Emerging MedCannabis index moved lower by 1.9%. The PRISM Emerging MedDevices index fell by 1.4%. Adamis Pharma (ADMO) rallied 18% to lead the MedDevice index.
Other PRISM indexes followed the path of the broader markets. The PRISM Emerging MedDiagnostics index fell by 2.1%, with FuelCell Energy (FCEL) bucking the trend to close higher by roughly 6% on the day. The PRISM Emerging New Economy index closed lower by 1.3%, and the PRISM Emerging Pet Care & AgriBiz index lost 1.5% of its value. Tracking biotechs, the PRISM Emerging Vaccines & Cell Therapy index closed lower by 3.0%.
The top commodities traded mixed at the 4:00pm ET mark. Crude Oil is lower to $39.51 per barrel, Gold higher by three dollars $1941.20 per oz., and Silver also higher to $27.06 per oz.. Bitcoin ($BTC) changed its bearish trajectory to move higher as well, adding roughly $353.00 from Thursday to trade at $10,599.69 as of 4pm est.
*data as of market close at 4pm est on 9/04/20