Thanksgiving Could Lead To Another COVID Infection Spike

Thanksgiving Could Lead To Another COVID Infection Spike
Engin_Akyurt / Pixabay

Commenting on the free of COVID infections spreading during Thanksgiving and today’s trading, Gorilla Trades strategist Ken Berman said:

Play Quizzes 4

Get The Full Ray Dalio Series in PDF

Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues

Q3 2020 hedge fund letters, conferences and more

COVID Infections Could Spike During Thanksgiving

The major indices are all trading lower at midday following a choppy but active morning session on Wall Street. The S&P 500 and the Dow both pulled back in early trading after hitting new all-time closing highs yesterday, but they remain just a tad below their record levels despite the mounting worries regarding the short-term economic outlook. The U.S. COVID picture remains grim ahead of Thanksgiving Day, and experts fear that the holiday could lead to another spike in the number of infections in the coming weeks.

How A Weakening PE Market Serves As Another Sign Of A Weakening Economy

InvestAmid the turmoil in the public markets and the staggering macroeconomic environment, it should come as no surprise that the private markets are also struggling. In fact, there are some important links between private equity and the current economic environment. A closer look at PE reveals that the industry often serves as a leading indicator Read More

Today's economic calendar was full of key releases, and the higher-than-expected new jobless claims number has been weighing on cyclical issues this morning. The decline in the number of continuing claims also slowed down amid the rapid spread of the virus, while personal income missed as well. On a positive note, personal spending, new home sales, and durable goods orders all beat the consensus estimates in October, and the second reading of the third-quarter GDP print confirmed the record-breaking pace of the recovery.

Market Wrap

Dow: 29,818, - 197 or 0.7%

S&P 500: 3,625 - 11 or 0.3%

Nasdaq: 12,037, -1 or 0.01%

Russell 2000: 1,838, - 15 or 0.8%

Market breadth has been relatively weak this morning, with decliners outnumbering advancing issues by a 7-to-3 ratio on the NYSE at midday. Only 3 stocks hit new 52-week lows on the NYSE and the Nasdaq, while 89 stocks hit new 52-week highs. The major indices have been trading below their daily VWAPs (Volume-Weighted Average Price) for most of the morning session, pointing to intraday selling pressure.. The trends of the past couple of days reversed this morning at the level of the key sectors, with cyclical issues and the hardest-hit industries losing ground and the traditionally defensive sectors and tech stocks showing relative strength, but as volatility remains muted, the vaccine rally is likely still intact. Stay tuned!

Updated on

Gorilla Trades is the complete solution for today's modern investor, and has been a trusted resource for thousands of investors, stockbrokers and fund managers for over 20 years. Whether you're interested in learning how to trade stocks, just starting to build your portfolio, or you're an experienced investor looking for powerful stock picks; take your portfolio to new heights with Gorilla Trades!
Previous article NCRC Statement On OCC’s Proposed CRA Thresholds
Next article Slack stock rips higher on report of talks with Salesforce

No posts to display