As we head into the close for the week, stocks are at or near session lows in a market selloff ending what was a volatile week. The reason for the selloff, spiking cases for Coronanvirus in several states.
The U.S. hit a new record for daily coronavirus cases. That has caused the governors of Texas and Florida to pause their reopening plans, with both states effectively closing bars to limit the spread of coronavirus. Coronavirus cases are trending upward in about half of U.S. states, and several have reported record-breaking daily new case counts this week, according to Johns Hopkins University. The U.S. reported 39,972 daily cases of the coronavirus on Thursday, a new daily record, according to Johns Hopkins.
Both the S&P 500 and DOW have now gone negative for the month, but the NASDAQ continues to trade in positive territory on a monthly level. However, on a weekly level, all three indexes will post weekly losses with the S&P 500 losing over -2%, the DOW will drop over -2.9% closing in on -3%, and the NASDAQ is looking at a weekly loss over -1%.
On a daily level, the DOW has been down over 700 points, or -2.7%, while the S&P 500 and Nasdaq each dropped over -2% in the selloff.
Crude oil, Bitcoin, and the U.S. dollar have not been immune to the market selloff with all three posting weekly losses. Crude oil will lose -2.8%, Bitcoin -2.4%, and the U.S. dollar will lose -.3% on the week.
As you would expect in a market selloff gold is making it’s way higher with a weekly gain of +1.4%. Although it did trigger a new red weekly Trade Triangle in early trading, look for gold to trigger a new green daily Trade Triangle if it trades above today’s high through the weekend.
Key Levels To Watch Next Week: