Stock Market Update Wednesday, July 8th, 2020
Today the major indices rallied right out of the gate.
After a higher open and positive start, there was a small sell-off mid-morning for no apparent reason.
But stocks found their footing and rallied into the closed.
The S&P and DOW ended the day with nice wins. And the NASDAQ closed at another record high of 10,492.5.
What was moving the markets higher today?
Traders are buying tech stocks that should do well even if the re-opening of the economy is delayed. Today we saw big moves from companies like Apple (AAPL), Microsoft (MSFT), and Amazon (AMZN). These stocks helped push the markets higher.
What about that afternoon lift?
Coronavirus cases continue to skyrocket. But St. Louis Fed President Bullard had some positive comments on CNBC today. Bullard said he is optimistic about the economic recovery and expects to see unemployment numbers in the single-digits by the end of the year.
Here’s where the major markets ended the day:
|*As of market close|
Kohls (KSS) jumped 9.5% after an upgrade from Bank Of America. According to CNBC.com, Kohls is uniquely positioned to reopen. The majority of Kohl’s stores are located outside of large malls. This allows many of the Kohl’s stores to reopen while their major competitors remain closed.
United Airlines (UAL) fell as much as 3.8% mid-day after the company warned 36,000 employees about potential furloughs. This comes as coronavirus cases continue to whittle away the already dwindling travel industry. United Airlines closed 0.1% lower today.
Gold (GC) was on the move again today, making new highs for the year. Gold closed higher for the 4th day in a row with a 0.6% gain.
And this is a little shocking…
Taylor Morrison Home (TMHC) jumped 16.9% after the company said net sales orders in June were almost double what they were last year! Closings were also up 24% in the 2nd quarter compared to the previous year.
Can you believe it? We’re in the middle of a pandemic and people are buying twice as many houses as last year?!?!
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.