Market Update (9/10)
Markets were searching for direction on Thursday and finally found it late in the day with the three major indexes turning sharply lower. The interest in tech shares, which have been leading the recent three day rally also stalled, with Facebook (FB), Apple (AAPL), and Amazon (AMZN) each closing roughly 2%-3% lower for the day. Tesla (TLSA) was a bright spot for traders on Thursday with shares closing higher by 1.3%.
Stocks pared losses into the closing hour of trading to end the day above session lows. The $DJI closed lower by 1.45% to 27,534.58. The NASDAQ Composite is lower to 10,919.59 down 1.99%. The S&P 500 closed lower by 1.76% to close at 3339.19. The Russell 2000 also lost ground to close lower by 0.88% to 1512.72.
The InvestorsPrism family of indexes closed mixed. The PRISM Emerging Gene Therapy index closed higher by 0.10%. The PRISM Emerging MedCannabis index moved higher by 0.3%. The PRISM Emerging MedDevices index fell by 1.0%. Strata Skin Sciences (SSKN) was a shining star for the MedDevice index on Thursday to close higher by 24%.
Other PRISM indexes closed mixed for the day. The PRISM Emerging MedDiagnostics index lost 0.6%. The PRISM Emerging New Economy index closed lower by 0.6%, and the PRISM Emerging Pet Care & AgriBiz index lost 0.3% in value. The biotech heavy PRISM Emerging Vaccines & Cell Therapy index closed lower by 4.0%. Mesoblast (MESO) contributed to the winners in that index by closing nearly 4% higher on the day.
The top commodities closed mixed at the 4:00pm ET mark. Crude Oil continued its sell-off, down by 2.47% to $37.11, per barrel, Gold is near the flat-line at $1951.80 per oz., and Silver marginally lower to $26.95 per oz.. Bitcoin ($BTC) is again range bound at the $10,000 support level with the virtual currency trading at $10,300.30 as of 4pm est. The Vix, often referred to as the fear guage, rose 4.27% to end at $30.04
*data as of market close at 4pm est on 9/10/20