88 stocks hit new 52-week lows on the NYSE and Nasdaq

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In an intra day note to investors, Gorilla Trades strategist Ken Berman, while commenting on stocks hitting new 52-week lows, said:

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The major indices are all significantly lower at midday, following a bearish overnight session, with the fears of a deep global recession weighing heavily on risk assets. Cyclical issues, such as financials and industrials have been the weakest this morning, but utilities also lagged the broader market due to the possibility of a longer-than-expected U.S. lockdown period. Saudi Arabia followed through with its pledged increase in crude oil production, delivering another hit to the battered energy sector, with the biggest U.S. crude oil inventories number also putting pressure on the price of the crucial commodity.

In economic news, the ADP payrolls number came in at - 27,000, well above the consensus estimate of -150,000, which is great news ahead of Friday's government jobs report. Construction spending missed big time, but the ISM non-manufacturing PMI beat expectations, similarly to yesterday's Chicago PMI, even though analysts expect a large drop in both measures next month. Treasury yields have been under pressure in early trading, with only short-term rates edging higher thanks to the positive surprises, confirming the global risk-off shift.

Market Wrap

Dow: 21,456, - 464 or 2.3%

S&P 500: 2,520, - 65 or 2.5%

Nasdaq: 7,527, - 173 or 2.2%

Russell 2000: 1,105, - 47, or 4.1%

Stocks Hit New 52-Week Lows

Market breadth has been weak for the third day in a row this morning, due to the continued weakness among small-caps, with decliners outnumbering advancing issues by a 19-to-1 ratio on the NYSE. 88 stocks hit new 52-week lows on the NYSE and the Nasdaq, and only 3 stocks hit new 52-week highs. The major indices have been trading above their VWAPs (Volume-Weighted Average Price) for most of the morning session, indicating intraday buying pressure. On another positive note, tech stocks continue to outperform, together with consumer staples, continue but more risk-on sectors should show strength in order to support a meaningful afternoon comeback. Stay tuned!

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