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Crazy Trading: DOW down 360 points and NASDAQ makes new record highs!

July 9, 2020 Stock Market Update

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Stock Market Update Thursday, July 9th, 2020

Markets Rally Despite Growing Cases

Stocks went on a roller coaster ride today!

This morning weekly Unemployment Claims came in slightly lower than expected. 1,314,000 people filed for unemployment (vs. a 1,375,000 forecast), a decrease of 99,000 claims from the previous week.

There wasn’t much of a reaction to the news and stocks opened slightly higher.

But after the higher start stocks were hammered!

And the drop really came out of nowhere. 

There was a Supreme Court ruling on President Trump’s tax returns, allowing the Manhattan district attorney to look at Trump’s records. 

But the sell off most most likely a result of new records…new coronavirus records.

California, Texas, and Florida are all struggling with a new surge in COVID-19 cases. In fact, stocks fell to session lows shortly after Florida reported record coronavirus-related hospitalizations.

But it could have been a lot worse. After the S&P dropped 2.0%, stocks found support and made a comeback. 

The crazy thing?

While the S&P and DOW ended the day lower, the NASDAQ finished higher with a new record high!

Here’s where the major markets ended the day:

arrow down S&P 500 3,152 -18 -0.6%
arrow down Dow Jones 25,706 -361 -1.4%
arrow up Nasdaq 10,548 +55 +0.5%
arrow down Crude Oil 39.68 -1.22 -3.0%
arrow down Gold 1804.8 -15.8 -0.9%
*As of market close

Amazon (AMZN) and Google (GOOG) both contributed the NASDAQ’s record high. AMZN finished higher by 3.3% and GOOG was up 1.0%.

The DOW lagged behind the major indices because big losses in Boeing (BA) and Walgreens Boots Alliance (WBA).

Boeing lost 3.8% and Walgreens fell 7.8% after the company announced that it missed earnings estimates. Walgreens posted a net loss of $1.71 billion for the quarter.

Bed Bath & Beyond (BBBY) was a bigger loser today, down 24.5%! BBBY announced Wednesday that it would close 200 stores across the country. And today the stock tanked after lousy earnings.

Q1 sales showed a nearly 50% decline in revenues! Even after huge online sales in April and May (up by more than 100%).

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.

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