ECONOMIC SILUET: Dow falls more than 200 points | U.S. coronavirus cases keep rising

Selasa, 27 Oktober 2020

Dow falls more than 200 points | U.S. coronavirus cases keep rising | Pfizer vaccine update

TUE, OCT 27, 2020

EVENING BRIEF

AS OF TUE, OCT 27, 2020 • 04:30 ET

DJIA		27463.19
		-0.80%	-222.19

S&P 500		3390.68
		-0.30%	-10.29

NASDAQ		11431.35
		+0.64%	+72.41

Most Active

DOW
NAME	LAST	CHG	%CHG
AAPL	116.60	+1.55	+1.35%
INTC	45.64	-1.08	-2.31%
CSCO	36.87	-0.80	-2.12%

S&P 500
NAME	LAST	CHG	%CHG
AMD	78.88	-3.35	-4.07%
GE	7.10	-0.28	-3.79%
AAPL	116.60	+1.55	+1.35%

NASDAQ
NAME	LAST	CHG	%CHG
AMD	78.88	-3.35	-4.07%
AAPL	116.60	+1.55	+1.35%
AAL	11.23	-0.57	-4.83%

EDITOR'S NOTE

Stocks tried to rebound from Monday's sell-off but struggled to find their footing as coronavirus cases continue to rise at an alarming rate.

The Dow Jones Industrial Average closed more than 200 points lower and the S&P 500 dipped 0.3%.

A CNBC analysis of data from Johns Hopkins University showed daily U.S. coronavirus cases have risen by an average of 69,967 over the past week, a record. The average number of Covid-19 hospitalizations has also risen by at least 5% in 36 states over the past seven days, according to data from the Covid Tracking Project.

Concerns over the coronavirus led investors to buy further into the so-called stay-at-home trade, which is made up of stocks that benefit from people staying inside. Online retailers Shopify and Amazon rose 4.3% and 2.5%, respectively. Zoom Video gained 4.1%. Microsoft advanced 1.5%. Those gains led the Nasdaq Composite to a 0.6% advance.

All of this comes as investors brace for the U.S. presidential election that is one week away. Some fear stocks could remain volatile after the vote if the results are contested or are not readily available on Election Day itself. But KKM Financial CEO Jeff Kilburg thinks the market will ride out the election turbulence.

"We feel the trajectory and the heavy hand of the Fed will continue to push markets higher regardless of the election outcome," he said in a note. "This muted effect of the election is reinforced by the fact that the S&P 500 remains tethered to 3,400 ... just a few percentage points off of All-Time highs."

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