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Thread: Stocks Mixed in Light Volume, Dollar Extends Drop: Markets Wrap

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    Post Stocks Mixed in Light Volume, Dollar Extends Drop: Markets Wrap

    Stocks Mixed in Light Volume, Dollar Extends Drop: Markets Wrap

    (Bloomberg) -- Global stocks and equity futures were mixed Wednesday as investors weighed their appetite for risk assets against a continuing acceleration in coronavirus cases across the American sun belt. The dollar remained under pressure.U.S. futures fluctuated, while European contracts retreated. Shares slipped in Tokyo but climbed in Seoul after Kim Jong Un suspended military actions against South Korea. Treasuries were little changed. New Zealand’s dollar reversed gains after the central bank said the balance of economic risks remained to the downside.On Tuesday, the S&P 500 closed well off its earlier 1.2% gain on reports that a surge in cases in several hotspots in the South and Southwest of the U.S. threatened to derail plans to ramp up reopenings. Still, the Nasdaq Composite hit another record high.Investors are betting that trillions of dollars in stimulus by central banks and governments around the globe will shield economies from a resurgence in virus breakouts. PMIs for June showed business activity in the world’s largest economy continuing a rebound that started in May.“Bad news isn’t so bad if we think that that means more stimulus,” said Nela Richardson, an investment strategist at Edward Jones. The markets are responding also to the quick action, quickest in any recession going back to the Great Depression, of the Federal government and monetary authorities, not just in the United States, but around the world.”On the virus front, Anthony Fauci, the U.S.’s top infectious-disease doctor, warned Tuesday that the coronavirus isn’t taking a summer break, judging from its persistent spread in the U.S. Sun Belt. A German state locked down a municipality where 1,553 workers tested positive at a single meat factory.Here are some key events coming up:The IMF will release new 2020 growth projections on Wednesday.U.S. jobless claims, durable goods and GDP data are due Thursday.A rebalance of Russell indexes is due on Friday.These are the main moves in markets:StocksFutures on the S&P 500 were flat as of 3:02 p.m. in Tokyo. The index rose 0.4% Tuesday.Japan’s Topix Index dipped 0.4%.Hang Seng Index fell 0.1%.Shanghai Composite rose 0.2%.Kospi index rose 1.5%.Euro Stoxx 50 futures lost 0.7%.CurrenciesThe yen was at 106.58 per dollar.The offshore yuan held at 7.0613 per dollar.The Bloomberg Dollar Spot Index fell 0.1%.The euro bought $1.1317, up 0.1%.BondsThe yield on 10-year Treasuries edged up to 0.72%.Australian 10-year yields ticked up two basis points to 0.92%.CommoditiesWest Texas Intermediate crude fell 0.5% to $40.19 a barrel.Gold was at $1,769.35 an ounce, little changed.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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  3. #2

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    Default Re: Stocks Mixed in Light Volume, Dollar Extends Drop: Markets Wrap

    Mixed, light volume, boring summer trading day. Then along came guidance from three bankrupt states.

    The governors of New York, New Jersey, and Connecticut are ordering a mandatory 14-day quarantine on visitors from states with high numbers of COVID-19 cases. They made the announcement on Wednesday morning during a joint news conference.
    https://www.fox35orlando.com/news/ny...gh-infection-n

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    Default Re: Stocks Mixed in Light Volume, Dollar Extends Drop: Markets Wrap

    Quote Originally Posted by Bullitt View Post
    Mixed, light volume, boring summer trading day. Then along came guidance from three bankrupt states.
    Coordinated?

    Quote Originally Posted by exnavyew View Post
    Going down?

    There’s a wave of selling estimated to be in the billions that’s about to hit the stock market

    https://www.cnbc.com/2020/06/23/ther...ck-market.html


    Some investors are making the biggest bet against the stock market in nine years

    https://www.cnbc.com/2020/06/23/some...ine-years.html
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.

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    Default Re: Stocks Mixed in Light Volume, Dollar Extends Drop: Markets Wrap

    Coordinated in the sense that some states will hold out as long as they can in hopes of using the forced shutdown to pay for massively underfunded pensions and medicare/medicaid.

    That one article is about asset allocation amongst large funds. Depending on when their fiscal year is or their re-balancing time frame is (monthly/quarterly/yearly) CNBC can make the case in almost any month for selling (or buying) as re-balancing takes place.

    The second article doesn't make mention of short positions to offset the record amount of calls being bought by the new world YOLO gamblers. When someone buys calls, the market maker has to offset the buy with a sell. From my understanding nobody goes full into a futures trade without something to offset it (Sell S&P, buy ZM or PTON) but in these days of going all in, anything is possible.

    The options buying is out of control especially on the Nasdaq. Options sentiment gauges still lean bearish, and activity in the VIX today is indicating a spike higher this week.

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    Default Re: Stocks Mixed in Light Volume, Dollar Extends Drop: Markets Wrap

    Quarter is over, I'm assuming the billion dollar selling wave hit the market already.

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