Market Update for Apr 8, 2020
In today's update:
1) U.S. Equity markets surged on Wednesday after news that Bernie Sanders has dropped out of the presidential race. The Dow Jones Industrial Average gained 779.71 or 3.44%, the S&P 500 added 90.57 or 3.41% while the NASDAQ 100 closed higher by 203.64 or 2.58% and the Russell 2000 finished higher by 52.49 or 4.61%.
2) Crude Oil Futures spiked $2.72 or 11.51% in anticipation of production cuts while Gold Futures fell $5.60 or 0.33% on slight strength in the U.S. dollar. The Bond Market closed lower and the yield on the 10-Year Treasury note settled at 0.767%.
3) Luckin Coffee's stock (LK) lost 80% of its value last Thursday after news that their COO had fabricated 2019 sales by about 2.2 billion yuan or $310 million. LK shares were trading higher in pre-market trading before being halted at 9:15 a.m. EST and the stock remains halted pending news.
About the author
Vince Vora is the head trader at TradingWins.com. Over the last three decades, he has been trading and refining his trading systems that are based on technical analysis and price action. Over the last few years, his focus has been on teaching people how to become better traders. His systems range from simple to sophisticated and can be used in any market conditions to trade stocks, options, futures and forex. By: TradingWins Team
