Home News Markets Make Sudden Recovery Despite Corona Surge

Markets Make Sudden Recovery Despite Corona Surge

Markets Make Sudden Recovery Despite Corona Surge

The major indices are recovering some today after yesterday’s thrashing on the back of better than expected economic data.  The Nasdaq is the best performing sector, up 1.6%, followed by the S&P 500 +1%, and the Dow the laggard, +0.20%.

It’s a risk on day with Technology the best performing S&P sector, while Health Care and Consumer Staples lag. FAANG will be front and center as Amazon (AMZN), Apple (AAPL) and Facebook (FB) report earnings after the bell.

Energy is trading up today despite the decline in crude oil, which is down 3.96% to $35.91 a barrel, as it continues its sharp declines amid demand concerns.  New shutdowns and a rise in coronavirus infections is adding pressure. In addition, the EIA and API data showed a larger-than-expected build in US crude oil inventories last week. The EIA reported a build of 4.320 million barrels, above market expectations of a 1.23 million barrels increase, while the API data should an increase of 4.577 million barrels.

Germany and France have imposed new 30-day lock down restrictions and in the U.S. more than 40 states are seeing a rise in coronavirus cases, with the daily average in the past week up above 74,000.  Moderna (MRNA) provided a bit of a silver lining, stating it is preparing for a global deployment of its potential coronavirus vaccine.

Breadth and advancers are outpacing declines today, however new lows tell a different story.

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