Stock Market Update Thursday, June 18th, 2020
Stocks finished mixed for the 2nd day in a row after another sideways day of trading.
The major indices were up slightly at the open. But then stocks dipped shortly after 10AM ET.
As far as action goes, that was pretty much it for the day. After the dip, stocks bounced back and moved sideways until the close.
Why the quiet day?
It looks like traders are in a “wait and see” mode.
Yes, weekly Jobless Claims came in slightly higher than expected (1.50 million people filing for unemployment vs. a 1.35 million forecast). But on a positive note, weekly claims have dropped for 11 weeks straight.
There is another surge in coronavirus cases to consider.
In New York, Gov. Cuomo is considering issuing a travel ban on travelers coming from Miami, as Florida cases rise and some experts believe Florida could be the next epicenter of COVID-19 in the U.S.
And in California, 4,804 new cases were reported, the highest of cases in a single day. This news prompted California’s health department to issue a warning and require that face masks be worn in most public places.
But traders also know that governments around the globe remain committed to getting through this rough “coronavirus economy.”
For example, in the UK the Bank of England announced a new $125 billion stimulus package.
The S&P and DOW finished slightly lower, the NASDAQ worked its way into the green and finished higher for the 5th day in row.
Here’s where the major markets ended the day:
|*As of market close|
Spotify (SPOT) jumped 25.4% after landing a podcast deal with Kim Kardashian West. West’s podcast will be centered around her work in the Innocence Project.
Roku (ROKU) was a winner as well, up 8.9%. Roku rallied for the second day in a row on rumors of a possible buyout from Google.
Shopify (SHOP) surged 5.7% and made a new all time high today.
The rally came after an analyst upgrade.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
This Stock Market Update was provided by Rockwell Trading Services LLC.