It was a pretty quiet trading day with mixed results. Nasdaq keeps pushing towards previous highs led by the likes of Microsoft, Apple, Amazon, Google, Netflix and Facebook, but many other areas of the market are struggling. The Dow traded down a couple of hundred points at the open, but recovered by midday, only to drift lower by the close. It appears that market participants are just waiting to see how the reopening of the country goes both medically and economically.
For the day, the Dow Jones Industrial Average was down 109 points to finish the day at 24,221. The S&P 500 was up a fraction to close at 2,930. Gold was down $14 to trade at $1,699 per ounce, while oil was down $.09 to trade at $24.65 per barrel WTI.
As mentioned, we are all curious as to how the big “reopening” will go. Will there be a spike in COVID-19 cases? Will the summer heat help snuff out the virus? How close are therapeutic drugs and vaccines? Are folks comfortable enough to go to restaurants, go shopping, take a flight, go to Vegas, and yes, even take a cruise? The economic and medical scenarios are endless. It truly is a moment when we just have to wait and see.
Have a nice evening everyone.