The Nasdaq’s Win Streak Looks to End

The stock market is down sharply today. At its low, the S&P 500 was down about 1.6%. The Nasdaq Composite looks to snap its eight-day win streak.

There are concerns about the growing numbers of coronavirus cases. The seven-day average of news cases is up 30% from a week ago. There’s even talk of reversing some of the recent re-openings.

So far, Energy and Financial stocks are down the most while Consumer Staples and Utilities are down the least. This suggests the market is concerned about the economy’s underlying strength. Sonos, the speaker-maker, said it’s going to cut 12% of its workforce due to the coronavirus.

There’s not much in the way of economic news today. Next week will be interesting because the stock market will be closed on Friday, July 3. That means that the jobs report will come out on Thursday. Also, the jobs report will come at the same time as the jobless claims report. It will be interesting to see if traders want to be net long going into the three-day weekend.

Posted by on June 24th, 2020 at 10:53 am


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