NASDAQ 100 (as of Jan 5, 2021 at 3.15 p.m.)
Source: Yahoo Finance
SPX 500 (as of Jan 5, 2021 at 3.15 p.m.)
Source: Yahoo Finance
US30 (as of Jan 5, 2021 at 3.15 p.m.)
Source: Yahoo Finance
It appears that the bulls on Wall Street have been stopped in their tracks. The SPX500 closed 1.48% lower, and the NAS100 dropped 1.47%. The US30 followed in a similar pattern by closing 1.25% lower. This would be the biggest daily percentage dip since late October for both the SPX500 and US30. For the NAS100, this marks the biggest lost since Dec 9.
The US30 was pulled downwards when Boeing Co’s shares dropped more than 4% while the SPX500 was dragged down by real estate, utilities, and industrial sectors.
April Joyner from Reuters reported that the Cboe Volatility Index, also known as Wall Street’s ‘fear gauge’ hit its highest closing level since Nov 5, at 26.97. It was also the largest one-day gain since late October.
Lindsey Bell, the Chief Investment strategist at Ally Invest, North Carolina, opines that investors are pausing to assess the different things at this new year. It is not surprising given how uncertainties abound as the battle wages on in Georgia, which would determine if Joe Biden’s agenda can prevail in Congress.
Against this bleak backdrop, rising cases and a new virus variant are also heightening market jitters. Andrew Cuomo, the governor of New York, has confirmed that the new strain has been discovered in New York.
However, a piece of positive news is the picking up of the U.S. manufacturing activity in December, at its briskest pace in more than six-year. All eyes would also be on the first nonfarm payroll of 2021 due for release this Friday, Jan 8.
FOLLOWME User Sentiment (as of Jan 5, 2021 at 3.15 p.m.)
SPX500
Short – 68.47%
Long – 31.53%
NAS100
Short – 70.57%
Long – 29.43%
US30
Short – 69.89%
Long – 30.11%
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