March 20th 2020
After another volatile day of trading, all three major U.S. stock markets ended yesterday with solid gains, with the Dow, S&P 500 and the NASDAQ climbing 188.29, 11.29 and 160.74 points, respectively. Later yesterday afternoon, however, the market futures turned negative with the Dow futures showing a decline of more than 450 points.
But what a difference a day makes. As of 6am today, the three stock indices are back in rally mode with the Dow, S&P 500 and NASDAQ futures up 315, 31 and 203, respectively. This simply indicates a strong opening at 6:30am, but it seems all the action has been in the last 30 minutes of the trading day (12:30 – 1pm PDT).
A few reasons for today’s positive sentiment include a recovery in the oil markets that have been decimated in recent weeks, a declining dollar that has been soaring recently making U.S. exports all the more expensive and a stay-at-home order from CA Gov Newsom in an effort to slow the spread of the Coronavirus.
Technology stocks are climbing this morning as investors bet that sector can weather a possible recession. Microsoft, a tech bellwether, is up more than 6% in pre-market trading.
Note that Hastie Financial Group remains open and fully functional while the shelter in place order is in force. All phone numbers and emails remain the same.
Be safe and healthy.