The major indices are closing lower on the day after the late day rally fizzled out.
Starting the last hour of trading, the major indices were trading at:
S&P index 2584.95, down -45.12 points or -1.72%
NASDAQ index 7648.96, down -148.57 points or -1.91%
Dow 22046.95, down -505.18 points or -2.24%
The closing levels are lower at:
S&P index fell -88.62 points or -3.37% to 2541.45
NASDAQ index fell -295.15 points or -3.79% to 7502.37
Dow fell -915.39 points or -4.06% to 21636.78
Over the last hour of trading, the major indices each traded to new day highs, but quickly sold off and are closing near the session lows (with the NASDAQ just off the day’s lows). In the last hour of trading, the:
S&P index went from a high of 2615.91 to a low of 2534.99 or a range of 80.92 points
Nasdaq index went from a high of 7716.24 to a low of 7497.02 or a range of 219.2 points
Dow went from a high of 22327 to a low of 21602 or a range of 725 points
Although lower for the day for all major indices closed with gains.
Leading the way was the Japan’s Nikkei with a gain of +17.14%. In the US, the biggest gainer was the Dow up by 12.84%. It was helped by a move back higher in Boeing. Boeing shares went from $97 on Monday to around $180 at the highs. It is closing today around $162. The gain for the week was at 70.48%
The S&P index rose by 10.26%. The NASDAQ gained 9.05%.
Other big gainers for the week were:
Delta Air Lines +38.36%
United Airlines +33.8%
Home Depot up 25.05%
intuitive surgical, +24.41%
Nike up 23.51%
American Express up 19.56%
United Technologies up 17.69%
United health up 17.04%
In Europe the biggest gainer was the German DAX which rose 7.88%.
This via Bloomberg, some hiring to offset the job losses elsewhere
Dollar General 50,000
Pizza Hut 30,000
Dollar Tree 25,000
Papa John’s 20,000
Service, delivery workers. There will be similar developments on other economies (scaled to the size of those economies of course).
These will not entirely offset the job losses ahead. Initial claims this week are seeing estimates, some of 3 million (BoA)
Nasdaq was down -1.88% at the lows, and up 5.03% at the high today
The US stock indices are closing higher on the day but off the highs for the day. I guess you can say there well off the lows for the day too. The NASDAQ index was down -1.8% at the lows, and up 5.03% the highs. It closed up 2.3%. The volatility is red hot.
The final numbers are showing:
The S&P index rose 11.29 points or 0.47% to 2409.39. The low price was at 2319.78, down -3.27% at the time. The high was at 2466.97, up 2.87% at the peak.
The Nasdaq index rose 160.73 points or 2.3% to 7150.57.
The Dow rose 188.27 points or 0.95% to 20087.19. The low price was at 19177.13, or down -3.63%. The high reached 20442.63, or up 2.73%.
10-year German bond yields rise to its highest levels in a month
Meanwhile, 10-year French and Spanish bond yields have both climbed to their highest levels since May 2019 to start the day. This comes as we also see Treasury yields rebound higher, with 10-year yields up by 10 bps to 0.82% currently.
It is tough to try and make sense with what is happening in the market because things change so quickly but I would argue that the selloff in European bonds isn’t exactly a good sign for the euro currency in general.
I would say the rise in Treasury yields represents a bit of a disconnect because the move higher there reflects more closely the slightly better risk mood today – which is also helping USD/JPY to stay underpinned, alongside gains in the dollar today that is.
Trading, clearing and settlement of foreign exchange and fixed interest suspended as of today
until further notice
There are plenty of calls for this to happen in major markets also. Be aware if you are in a position and the market is shuttered you will be unable to exit until it reopens. There may, of course, be work around hedges to be used.
The US stocks are going out at the lows and down sharply after the markets were not impressed with the President’s address to the nation and the headlines continue to point to slower growth. The US sporting events are shutting down. The number of infected and deaths continued to grow in Europe. A massive liquidity add by the Fed could not help.
The final numbers are showing:
S&P index -260.6 points or -9.51% at 2480.78
NASDAQ index -750.25 points or -9.43% at 7201.80
Dow industrial average -2352.33 points or -9.99% at 21200.85.
Year to date numbers are showing:
Canada S&P/TSX index -26.69%
Euro Stoxx 50, -32.04%
UK FTSE 100 -30.56%
German DAX, -30.85%
France’s CAC, -32.35%
Japan’s new guy, -21.55%
Hong Kong’s Hang Seng -13.77%
Australia’s S&P/ASX 200, -20 64%
There is nothing good coming out the stock market.