Market Update (9/11)
Markets struggled to hold gains on Friday, with early advancers giving back a large part of their gains into the closing hour of trading. Tech leaders remained in their slump with Apple (AAPL) dropping more than 1.25% on Friday and roughly 8% for the week. Peloton (PTON) was up by more than 13% pre-market on strong earnings, but those gains were erased by the close with the stock closing lower by 4%. Despite its impressive top-line beat, Oracle Corp. (ORCL), too,closed lower on the day by 1.6%.
Stocks pared losses into the closing hour of trading to end the day above session lows. The $DJI fought for its gain of 0.47% to 27,662.91. The NASDAQ Composite is lower to 10,859.10 down 0.55%. The S&P 500 closed just above the flatline by 0.06% to close at 3341.14. The Russell 2000 also lost ground to close lower by 0.65% to 1497.88.
The Prism MarketView family of indexes closed mostly lower. The PRISM Emerging Gene Therapy index closed higher by 0.10%. The PRISM Emerging MedCannabis index moved lower by 1.6%. The PRISM Emerging MedDevices index fell by 1.0%.
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 1.2%, 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 0.6%.
The top commodities closed mixed at the 4:00pm ET mark. Crude Oil caught a bid to move higher to $37.49, per barrel, Gold lost value and is trading at $1950.20 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 $10,333.36 as of 4pm est. The Vix, often referred to as the fear gauge, lost 9.26% to end at $26.89.
*data as of market close at 4pm est on 9/11/20