Market Update (9/23)
The Tuesday optimism was short-lived for the broad indexes. Stocks were routed on Wednesday sending the S&P 500 to its lowest closing level since July. There was no hiding from the carnage and tech shares took a beating. Amazon (AMZN), Apple (AAPL), and Facebook (FB) were all lower by between 2%- 5%. Energy prices and commodities also dropped on concerns of how fast the economy can recover, with many analysts retreating from their V-shaped recovery predictions.
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 0.3% on the day. The PRISM Emerging MedDevices index dropped by 1.0%.
Other PRISM indexes also closed lower. 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 closed flat by 0.3%. The biotech heavy PRISM Emerging Vaccines & Cell Therapy index closed lower by 4.0%.
The top commodities are trading mostly higher at the 4:00pm ET mark. Crude Oil moved to $39.54 per barrel, Gold is trading at $1865.50 per oz., and Silver is 6% lower to $22.86 oz.. Bitcoin ($BTC) was no safe-haven, trading lower at $10,314.86 as of 4pm est.
*data as of market close at 4pm est on 9/23/20