Nasdaq Snaps Win Streak as COVID-19 Cases Surge

Florida, California, and Texas have become COVID-19 hot spots

Assistant Editor
Jun 24, 2020 at 4:35 PM
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Despite yesterday locking in an eighth straight daily win, the Nasdaq Composite reversed course today, snapping its win streak and closing below the 10,000 level. Meanwhile, the Dow also stumbled -- it closed up shop 710 points lower -- thanks to  a surge in global COVID-19 cases. According to data from John Hopkins University, the seven-day average of coronavirus cases in the U.S. grew by more than 31,000, with states such as California, Texas, and Florida experiencing the most notable occurrences.

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  • Plus, CCL took a plunge; T-Mobile fell from record highs; and RV maker earnings beat turned sour.

The Dow Jones Industrial Average (DJI - 25,445.94) was off 710.2 points, or 2.7% for the day. It was a rough day for the Dow components, none turned in gains and Dow (DOW) sank to the bottom to close out 7% lower.

Meanwhile, the S&P 500 Index (SPX - 3,050.33) dropped 81 points, or 2.6%, and the Nasdaq Composite (IXIC - 9,995.51) lost 135.9 points, or 1.3%.

Meanwhile, the Cboe Volatility Index (VIX - 33.84) gained 2.5 points, or 7.9%, for the day.

 

NYSE Nasdaq June 24

5 Items on Our Radar Today

  1. The International Monetary Fund (IMF) cut its economic forecasts, now estimating a contraction of 4.9% in global GDP in 2020, warning that public finances will erode amid efforts to combat the impact of COVID-19. (CNBC)
  2. According to Chicago Fed President Charles Evans, the U.S. economy may be in need of more stimulus relief as low inflation is at risk of further weakening. (MarketWatch)
  3. Carnival stock dipped after receiving a downgrade.
  4. This wireless carrier just fell from a record high.
  5. RV maker just brushed off an earnings beat.


Earnings June 24

Unusual Options Activity June 24

Data courtesy of Trade-Alert

Gold Snaps Win Streak

Oil prices fell in dramatic fashion, toppling amid another record hit in crude storage, as COVID-19 cases sure globally. More specifically, Germany saw a notable spike in cases, while the U.S. experienced its second-largest rise since the beginning of the pandemic. As a result, August-dated crude lost $2.36, or 5%, to settle at $38.01 per barrel for the day.

Gold pulled back from its seven-year high, with investors selling bullion along with other asset classes after a surge in new coronavirus cases sent them flocking to cash. At last check, gold for August delivery fell $6.90, or 0.4%, to settle at $1,775.10 per ounce on the day.

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