Daily Market Update | Trust Point
Click Here to Select Your Login

Daily Market Update

By
Updated July 8, 2020

Trust Point

We are proud of Trust Point’s century of service reputation of excellence. But, our approach and purpose has always been focused on the future. Not just our own company’s future - but, more importantly, our client’s futures.

Daily Market Update:

Each day we will offer a very brief market update to help keep you informed on the latest.  For more detailed commentary, visit our news and insights page.

 

July 8, 2020

Markets closed up 1.03% on Wednesday. The NASDAQ traded into all-time high territory for the fourth trading session in a row. Wednesday’s move higher came as the U.S. reported a record daily spike of more than 60,000 coronavirus cases on Tuesday, surpassing 3 million in total.

July 7, 2020

Markets closed down 1.16% on Tuesday, breaking its streak of 5 positive trading sessions in a row. While it was a well-deserved break, pressure seems to be building with the spike in coronavirus cases around the world as many economies have had to roll back reopening plans.

July 6, 2020

Markets closed up about 1.90% on Monday. Many of the largest technology names traded into all-time high territory which has been a recurring theme. The World Health Organization said Saturday more than 200,000 cases were confirmed over a 24 hour period worldwide with the U.S. responsible for 130,000 of them.

July 2, 2020

Markets closed up about 0.95% on Thursday and closed out the week up about 3.5%. The government reported that a record 4.8 million jobs were created in June. Economists were expecting 2.9 million. The unemployment rate fell to 11.1% from 13.3% in May. Economists were expecting a rate of 12.4%.

July 1, 2020

Markets closed up 0.75% on Wednesday as positive vaccine data lifted sentiment. A study of a coronavirus vaccine candidate being developed by Pfizer and BioNTech showed the drug created neutralizing antibodies.

June 30, 2020

Markets closed up about 0.65% on Tuesday and had one of its best quarters in decades, closing up about 23%. More U.S. governors are walking back or delaying reopening plans as Covid-19 cases rise around the country. The Southern and Western states have experienced the most but even New Jersey Governor Phil Murphy announced the state will delay a resumption of indoor dining that was planned for Thursday.

June 29, 2020

Markets closed up 1.15% on Monday. Boeing and Apple shares jumped 14% and 2.3%, respectively, two of the biggest contributors for the market’s gain. More U.S. governors are walking back or delaying reopening plans as Covid-19 cases rise around the country. New Jersey Governor Phil Murphy announced the state will delay a resumption of indoor dining that was planned for Thursday.

June 26, 2020

Markets closed down about 1.95% on Friday on continued concerns with the reopening of economies. Texas Governor Greg Abbott said Friday the state will roll back some of its reopening measures as cases and hospitalizations continue to rise. Banks, which led the market higher Thursday, were under pressure on Friday after the Federal Reserve released its annual stress test results.

June 25, 2020

Markets closed up about 1.05% on Thursday. The U.S reported more new coronavirus cases on Wednesday than on any single day before, according to a tally by NBC News. Bank shares led the market after the FDIC said it would allow them to more easily contribute large investments into funds such as venture capital funds.

June 24, 2020

Markets closed down 2.35% on Wednesday as several states reported big spikes in coronavirus cases. Companies that have benefited from the economy reopening lagged on Wednesday. United Airlines, Delta, and American all fell at least 7% while Carnival and Norwegian Cruise Line fell 11.11% and 12.37%, respectively.

June 23, 2020

Markets closed up about 0.45% on Tuesday. Apple, Microsoft, and Amazon traded to all-time highs as technology continues its outperformance.

June 22, 2020

Markets closed up 1% on Monday. Big tech had a strong day with Apple, Microsoft, and Netflix all rising more than 2.60%, continuing their outperformance from the March low.

June 19, 2020

Markets closed down about 0.55% on Friday but closed up almost 1.60% for the week. Apple said it would reclose some of its stores due to recent coronavirus spikes in certain regions. Global cases are approaching 9 million with the U.S. accounting for 2.28 million. There have been almost 120,000 deaths reported in the U.S.

June 18, 2020

Markets closed down about 0.10% on Thursday after another slow trading day on Wall Street. The Labor Department reported an additional 1.5 million Americans filed for unemployment benefits last week, notching the 13th consecutive week above 1 million and keeping continuing claims above 20 million.

June 17, 2020

Markets closed down 0.05% on Wednesday. Reuters reported that Beijing canceled several domestic flights to limit the most recent spread of the coronavirus. This came after the news on Tuesday that China’s capital city would shut down all its schools with the resurgence in cases.

June 16, 2020

Markets closed up about 1.66% on Tuesday, building on gains from Monday. The U.S. government reported a record 17.7% jump in retail sales for May. Trial results announced that dexamethasone, a widely available drug, can help critically ill coronavirus patients.

June 15, 2020

Markets closed up about 0.70% on Monday, an impressive day after trading lower by about 2% in the morning. The Federal Reserve announced it would buy individual corporate bonds in the secondary market, building on its program and showing they will continue to support the credit markets during the coronavirus.

June 12, 2020

Markets closed up about 1.45% on Friday but closed down about 4.25% for the week. It was the market’s worst one-week performance since March 20 and its first weekly decline in 4 weeks.

June 11, 2020

Markets closed down 5.6% today amid concerns over the economic recovery while coronavirus-related hospitalizations in some states grew. It was the markets biggest sell-off since March.

June 10, 2020

Markets closed down about 0.25% on Wednesday. Market rotation continued as airlines and banks took hits today while the mega-cap technology stocks traded higher. The FED kept rates near zero on Wednesday, adding it expects them to stay there through 2022. In a statement, the FED said it “expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.

June 9, 2020

Markets closed down about 0.90% on Tuesday. Many stocks were under pressure as traders took some profits from the “reopening” trade, which has led the market’s most recent gains. Investors will be watching the FED on Wednesday as they reveal its forecast for the economy and interest rates.

June 8, 2020

Markets closed up about 1.15% on Monday, building on its gains from last week. The S&P 500 wiped out its 2020 loss turning slightly positive for the year. New York City started its re-opening process on Monday after being the epicenter of the coronavirus pandemic.

 

June 5, 2020

Markets closed up about 2.30% on Friday and closed out the week up about 5.85%. Nonfarm payrolls rose by 2.5 million in May, driving the unemployment rate down to 13.3%. Economists surveyed by Down Jones expected payrolls to decline by 8.3 million and the unemployment to rise to 19.5% from 14.7% in April.

June 4, 2020

Markets closed down 0.55% on Thursday ending its 7 day win streak. The Labor Department reported 1.877 million Americans filed for unemployment benefits last week, which was greater than the Dow Jones estimate of 1.775 million. Continuing jobless claims rose sharply, nearly reaching 21.5 million.

June 3, 2020

Markets closed up about 1.65% on Wednesday as better than expected data sent stocks higher. ADP and Moody’s Analytics reported private payrolls fell by another 2.76 million beating the 8.75 million estimated. The Institute for Supply Management (ISM) showed the U.S. services sector contracted less than expected as well, rebounding from an 11-year trough.

June 2, 2020

Markets closed up about 1.10% on Tuesday, building on Monday’s gains. Investor’s betting on the economy reopening continue to outweigh any concerns surrounding the coronavirus and civil unrest. Private payrolls and U.S. services sector data will be released Wednesday.

June 1, 2020

Markets closed up about 1.25% on Monday, building on last week’s gains and on continued hopes of economies re-opening.

May 29, 2020

Markets closed up about 0.25% on Friday, about 3.5% for the week, and 5.10% for the month. Markets continue to take negative headlines in stride but will have a number of economic data points to face this week including ISM manufacturing and services data along with employment and payroll numbers.

May 28, 2020

Markets closed up slightly around 0.10%. Markets were strong earlier in the day but erased gains after President Trump said he would be giving a news conference Friday regarding China, and a potential response to a proposed Chinese security law threatening the long-standing independence of Hong Kong.

May 27, 2020

Markets closed up 1.25% on Wednesday. Stocks that benefit more from the economy re-opening (banks, industrials, etc…) have done extremely well this week while the “stay at home stocks” (mostly technology related) have taken a break after leading most of the rally since the March low.

May 26, 2020

Markets closed up about 1.90% on Tuesday, building on its gains from the previous week. Senate Majority Leader Mitch McConnell said Congress will “probably” have to pass another coronavirus relief bill. The House approved a $3 trillion rescue package earlier this month, but the Senate has no plans to pass it as written.

May 22, 2020

Markets closed down about 0.10% on Friday finishing the week up just over 3%. Markets are up about 30% from their March low, a rally that has investors questioning whether this is just a bear market rally or the beginning of a new bull market.

May 21, 2020

Markets closed down about 0.90% on Thursday. Weekly jobless claims totaled 2.4 million bringing the total number of claims filed since the end of March to 38.6 million. Continuing claims, reflecting people who collected benefits for at least a second week, rose to 25.1 million.

May 20, 2020

Markets closed up about 1.65% on Wednesday erasing all of Tuesday’s losses and then some. All 50 states have now started to reopen in some capacity as they try to revive their economies after a couple months of shutdowns. Amazon and Facebook traded to all-time highs, a sign of strength from two of the larger components of the U.S. stock market.

May 19, 2020

Markets closed down about 1% on Tuesday. Investors had their attention turned to Treasury Secretary Steven Mnuchin and Federal Reserve Chairmen Jerome Powell as they testified before the Senate Banking Committee. Mnuchin stated the government is “fully prepared to take losses” on coronavirus business bailouts.

May 18, 2020

Markets closed up 3.40% on Monday, one of its best days in over a month, on news from a Moderna trial that ignited optimism about a potential coronavirus vaccine.

May 15, 2020

Markets closed up about 0.10% on Friday but down about 2.20% for the week. After two months of a near nationwide lockdown, 48 states have eased shelter-in-place restrictions in an attempt to bolster their local economies.

May 14, 2020

Markets closed up about 0.60% on Thursday. New claims for unemployment insurance totaled 2.98 million last week, bringing the coronavirus crisis total to 36.5 million. Two senior administrative officials told CNBC the White House would likely support a new round of stimulus checks.

May 13, 2020

Markets closed down about 1.3% on Wednesday. Weekly jobless claims are expected to come in at 2.7 million on Thursday that would bring the coronavirus crisis total to 36 million over the past two months.

May 12, 2020

Markets closed down about 1.70% on Tuesday. The House unveiled a $3 trillion coronavirus relief bill which includes aid for state and local governments, direct payments, and hazard pay for essential workers.

May 11, 2020

Markets closed up 0.10% on Monday following a strong week. U.S. coronavirus cases have exceeded 1.3 million with deaths surpassing 80,000. Moderna’s experimental coronavirus vaccine obtained the U.S. FDA’s “fast track” designation, which accelerates the assessment of treatments and vaccines meant for serious conditions.

May 8, 2020

Markets closed up about 1.65% on Friday and finished the week up 3.5%. The loss of 20.5 million jobs in April alone propelled the unemployment rate to 14.7%, its highest since the end of World War II.

May 7, 2020

Markets closed up about 1.3% on Thursday. April’s employment numbers will be out on Friday morning and is expected to report a loss of 21.5 million jobs and push the unemployment rate up to 16%.

May 6, 2020

Markets closed down about 0.55% on Wednesday and now sit in the middle of their range from the February high and the March low. The Food and Drug Administration (FDA) approved a Covid-19 vaccine candidate from drug maker Moderna to enter a phase 2 trial that will involve 600 participants.

May 5, 2020

Markets closed up 0.70% Tuesday on continued hopes of the economy reopening. Brent crude has almost doubled since hitting a 21-year low on April 22 after surging 20% on Tuesday. Oil has gained 5 days in row, its longest daily winning streak since July 2019.

May 4, 2020

Markets closed up about 0.35% on Monday. Businesses are starting to slowly open back up in the U.S. Starbucks CEO said over 85% of the U.S. operating locations will be reopened by the end of the week. Pharmaceutical company Pfizer announced that its experimental coronavirus vaccine, BNT162, began human testing in the U.S. this week.

May 1, 2020

Markets closed down about 2.65% on Friday and closed flat for the week. Gilead Sciences has had some success with an antiviral drug called remdesivir. It has shown success in helping coronavirus patients recover faster. Gilead’s CEO Daniel O’Day stated Sunday the company would be donating its entire supply of remdesivir to treat coronavirus patients.

April 30, 2020

Markets closed down 1.55% on Thursday to close out the month. April was one of the best months in decades for many U.S. indexes. This, of course, comes after one of the worst months markets have experienced in years. U.S. weekly jobless claims hit 3.84 million, surpassing 30 million over the last 6 weeks.

April 29, 2020

Markets closed up 2.65% on Wednesday. GDP shrank by 4.8% during the first quarter, and economists expect the Q1 reading to decline even more when the final revisions are completed. Weekly jobless claims are expected to be 3.5 million on Thursday morning which would bring the rolling six-week total to around 30 million.

April 28, 2020

Markets were flat on Tuesday. US first quarter GDP will be released Wednesday morning. Economists estimate GDP will contract by 3.5%. This would be the first negative GDP reading since the first quarter of 2014.

April 27, 2020

Markets closed up 1.65% on Monday on continued hopes of the economy opening back up. The White House revealed a strategy to help states ramp up their capacity to test for the coronavirus.

April 24, 2020

Markets closed up about 1% on Friday but did close down about 1.35% for the week. Global coronavirus cases are approaching 3 million with 207,000 deaths. The 5 largest stocks in the market (Microsoft, Apple, Amazon, Google, and Facebook) all report earnings this week.

April 23, 2020

Markets closed down 0.10% on Thursday. Initial jobless claims were in line with expectations at 4.4 million, bringing the 5 week total to 26.4 million. The House voted to pass a bill with $484 billion in funding for small businesses, hospital grants, and coronavirus testing.

April 22, 2020

Markets closed up 2.35% on Wednesday. While markets continue to be volatile day to day, there has been little net movement over the last couple weeks. Investors will once again be eyeing initial jobless claims on Thursday. Economists are forecasting 4.3 million new claims, a decrease from previous weeks.

April 21, 2020

Markets closed down around 3% on Tuesday. More stimulus for small businesses is in the works. The Senate passed a $484 billion package to boost small businesses and hospitals that have been impacted by the coronavirus outbreak. The bill heads to the House, which aims to approve it by Thursday.

April 20, 2020

Markets closed down about 1.5% on Monday. Oil dominated the headlines as prices plunged to historic levels. Demand continues to fall due to the coronavirus and supply has stayed steady, a scenario many investors believe will continue to put a downward pressure on oil prices.

April 17, 2020

Markets closed up 2.75% on Friday, finishing its second consecutive week in positive territory and has now bounced 27% off the March low. Global coronavirus cases are approaching 2.5 million with the US accounting for about 750,000 of them.

April 16, 2020

Markets closed up 0.45% on Thursday, a quiet day overall on Wall St. The Labor Department reported the number of Americans that applied for state unemployment benefits totaled about 5.2 million last week, bringing the total to 22 million over the last 4 weeks. It took only 4 weeks for the U.S. economy to wipe out nearly all the job gains from the last 11 years.

April 15, 2020

Markets closed down 2.5% on Wednesday following some uninspiring economic data. Retail sales fell 8.7% in March, Industrial Production fell 5.4%, and the Empire State business conditions index plummeted to -78.2. Initial weekly claims will be reported again Thursday morning. It’s estimated that 5 million more people will file, bringing the total to 22 million over the last 4 weeks.

April 14, 2020

Markets closed up almost 2.6% on Tuesday putting in a 1-month high. Oil broke $20/barrel briefly and is now down 55% year-to-date, experiencing the worst price plunge in nearly two decades. The World Health Organization stated there are currently 70 vaccine candidates in development, a global effort to combat the coronavirus.

April 13, 2020

Markets closed down 0.80% on Monday. Earnings season will be in full force on Tuesday as some of the larger banks will report. Investors will be closely monitoring the forecasts companies provide in the face of the coronavirus.

April 9, 2020

Markets closed up 1.45% on Thursday capping off a strong week of performance. The stock market is closed tomorrow in observance of Good Friday. New York State now has more confirmed coronavirus cases than any other country outside of the U.S.

April 8, 2020

Markets closed up about 2.4% on Wednesday. The market continues to show signs of strength this week trading up 8.85% through Wednesday. New claims for unemployment benefits are expected to total about 5 million, bringing the total number of Americans filing to more than 15 million over a 3 week period.

April 7, 2020

Markets closed flat on Tuesday after rallying big on Monday. Investors appear to be a little less optimistic after witnessing markets rally about 20% from their March lows. New York City seems to be the world’s new “hot spot” for the coronavirus. New York Governor Andrew Cuomo reported the state’s largest single day jump in deaths, but also said hospitalizations are slowing.

April 6, 2020:

Markets closed up about 6.2% on Monday, rebounding from losses the previous week. Investors seemed encouraged by the slowing number of daily coronavirus cases in the U.S. although a single day doesn’t determine a trend. Slowing death rates out of Europe over the weekend also offered some hope to investors that the U.S. could be nearing its peak soon and social distancing is having a positive impact.

 Friday, April 03, 2020:

Markets closed down 1.5% on Friday. As coronavirus cases and deaths in the US continue to rise, we’re starting to see potential peaks around the world where the virus is having a more deadly impact. Spain has seen a decline in daily deaths since peaking last Thursday while Italy reported its lowest daily death toll for more than two weeks on Sunday.

Thursday, April 02, 2020:

Markets closed up 2% on Thursday. Initial jobless claims surged to over 6.6 million bringing the two week total to around 10 million.

Wednesday, April 01, 2020:

Markets closed down 4.6% to start the second quarter. Coronavirus cases and deaths in the US continue to rise. White House Officials are now projecting between 100,000 and 240,000 deaths from the virus.

Tuesday, March 31, 2020:

Markets closed down 0.75% bringing March to a close and also ending one of the worst first quarter performances equity markets have ever experienced.

Monday, March 30, 2020:

Markets closed up 2.2%. President Trump extended the timeline for social distancing to April 30 as US cases continue to rise, now approaching 165,000.

Friday, March 27, 2020:

Markets closed down almost 3% following a historic three day rally. The House approved the $2 trillion coronavirus relief package and President Trump signed it into law Friday afternoon. The Labor Department reported that jobless claims soared to 3.28 million.

Thursday, March 26, 2020:

Markets were positive for the third session in a row trading up 5.25% on Thursday. It marks one of the best three day rallies investors have ever seen. While this three day rally is definitely a sigh of relief, we should be mindful that the largest of shorter-term rallies historically appear within longer-term downtrends. The House is set to vote on the $2 trillion coronavirus relief package Friday morning.

Wednesday, March 25, 2020:

Markets pressed higher Wednesday trading up 2.75% on continued hopes of Washington approving the fiscal stimulus package. The Senate passed the historic $2 trillion coronavirus relief package late Wednesday night sending it to the House which is set to vote Friday morning.

Tuesday, March 24, 2020:

Markets rallied over 8% in hopes of Washington approving the fiscal stimulus package.

Monday, March 23, 2020:

Markets down 1.75% on ongoing delay from Washington in approving the fiscal stimulus package.

Friday, March 20, 2020:

Markets down 3.0% on reports that the virus is spreading rapidly, especially in large populated areas like NY state.

Thursday, March 19, 2020:

Markets up 0.5% on strong rebound in oil prices and reassurance from the administration that some progress is being made in the search for a treatment/therapy for the disease.

Wednesday, March 18, 2020:

Markets down 6% one larger increases in the number of new daily cases and more announcements of businesses shutting down.

Tuesday, March 17, 2020:

Markets up 12% on large fiscal stimulus package hope.

Monday, March 16, 2020:

Markets down about 12% as widespread shutdowns in schools, businesses, retail stores, restaurants and bars over the weekend continued. The announcement by the Fed on Sunday to cut rates by 100 bps and start a new $700B bond buying program had little impact.

Friday, March 13, 2020:

Markets up almost 10% today on a number of announcements from the administration to support people/businesses affected by the coronavirus along with additional measures to remove obstacles and broaden the availability and speed of testing.

 

Share This Post

Trust Point

We are proud of Trust Point’s century of service reputation of excellence. But, our approach and purpose has always been focused on the future. Not just our own company’s future - but, more importantly, our client’s futures.