Market Update (9/16)
Tech stocks reversed course on Wednesday, erasing early gains and leading the three broad indexes to a mixed close. Investors are weighing the FOMC September monetary policy statement and remarks from Federal Reserve Chair Jerome Powell, signaling that rates would remain near-zero through 2023, as policymakers look to boost the virus-stricken economy. That note raises concern as to how fast the economy can recover as it faces a number of economic uncertainties.
The $DJI gained 0.13% to 28,032.91. The NASDAQ Composite closed lower to 11,050.47, down 1.25%. The S&P 500 also lost ground by 0.46% to 3385.49. The Russell 2000 held its gains, though, to close higher by 1.20% to 1556.28.
The InvestorsPrism family of indexes closed mixed. The PRISM Emerging Gene Therapy index closed slightly higher by 0.01%. The PRISM Emerging MedCannabis index was higher by 1.3% on the day. The PRISM Emerging MedDevices index fell by 1.0%.
Other PRISM indexes closed mixed for the day. The PRISM Emerging MedDiagnostics index gained 3.0%. The PRISM Emerging New Economy index closed higher by 0.6%, and the PRISM Emerging Pet Care & AgriBiz index closed higher by 0.3% in value. The biotech heavy PRISM Emerging Vaccines & Cell Therapy index closed higher by 4.7%. Inovio Pharma (INO) was the star of the day in the index. Closing higher by 35.66% to $18.49.
The top commodities closed mixed at the 4:00pm ET mark. Crude Oil moved higher to $40.013 per barrel, Gold gained 0.02% and is trading at $1966.60 per oz., and Silver is trending lower to $27.31oz.. Bitcoin ($BTC) is breaking above the $11,000 level, currency trading at $11,005.45 as of 4pm est. The Vix, often referred to as the fear gauge, lost 0.74% to end at $20.04.
*data as of market close at 4pm est on 9/16/20