Market sells off as recovery plays give up stimulus hopes
- The S&P (SP500) -1.9% lost a major technical level as every sector
ended in the red, with COVID hospitalizations increasing and the faint
hopes of stimulus negotiations waned.
- The Nasdaq (COMP) fell 1.6% and the Dow (DJI) lost 2.3%.
- The S&P fell below its 50-day simple moving average of 3,408.12. But
it did close above 3,400 with a very late climb. The broad-market index
has
been between 3,400 and 3,500 since President Donald Trump tweeted that he
was calling off all stimulus talks earlier this month.
- The Senate, which has always held all the cards on any bill for a
COVID relief bill, let the market know where things stand when Senator
Richard Shelby, chairman of the Senate Appropriations Committee, said the
odds of another COVID relief deal are "very, very slim".
- House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin did
speak again today, but there was no report of any progress.
- Recovery sectors took it on the chin, with airlines, cruise lines,
consumer
plays and cinema stocks falling.
- Energy (NYSEARCA:XLE) was the biggest loser on the day, with crude
down more than 3%. OPEC's secretary general called the demand recovery
for
oil anemic.
- Utilities (NYSEARCA:XLU) were the best performer, off less than 0.1%.
|Today, 4:02 PM|20 Comments
- The S&P (SP500) -1.9% lost a major technical level as every sector
ended in the red, with COVID hospitalizations increasing and the faint
hopes of stimulus negotiations waned.
- The Nasdaq (COMP) fell 1.6% and the Dow (DJI) lost 2.3%.
- The S&P fell below its 50-day simple moving average of 3,408.12. But
it did close above 3,400 with a very late climb. The broad-market index
has
been between 3,400 and 3,500 since President Donald Trump tweeted that he
was calling off all stimulus talks earlier this month.
- The Senate, which has always held all the cards on any bill for a
COVID relief bill, let the market know where things stand when Senator
Richard Shelby, chairman of the Senate Appropriations Committee, said the
odds of another COVID relief deal are "very, very slim".
- House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin did
speak again today, but there was no report of any progress.
- Recovery sectors took it on the chin, with airlines, cruise lines,
consumer
plays and cinema stocks falling.
- Energy (NYSEARCA:XLE) was the biggest loser on the day, with crude
down more than 3%. OPEC's secretary general called the demand recovery
for
oil anemic.
- Utilities (NYSEARCA:XLU) were the best performer, off less than 0.1%.
|Today, 4:02 PM|20 Comments
Comments
Post a Comment