Ugly Reversal

The recent darlings (Tesla, Amazon, Apple, Microsoft) were having another great trading session until early afternoon when things were thrown into reverse. Since those darlings account for most of the returns these days, the market averages gave up all of their gains too. The early surge in stocks was fueled by encouraging vaccine news, but the afternoon’s reversal was fueled by more Covid-19 headlines- that were not positive.
By the close, the Dow Jones Industrial Average was up 10 points to finish the day at 26,085. The S&P 500 was down 29  points to close at 3,155. Gold was up $3 to trade at $1,805 per ounce, while oil was down $.88 to trade at $39.67 per barrel WTI.
We saw pretty good earnings from Pepsi this morning, but as many will, they declined to give any guidance going forward at this point. We’ll get a look at several bank earnings over the balance of the week. It was an ugly reversal today. Let’s see what tone the banks start to set tomorrow as we’ll hear from JP Morgan Chase, Citi and Wells Fargo. Stay tuned.
Have a nice evening everyone.

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