6/26/20 Market Notes
Equities shrugged off a weak opening, finishing yesterday's session with strong gains. Markets haven't yet found a catalyst to sell despite continued weakness in payrolls and a surge in virus cases to record levels. Financials led the rebound yesterday on the repeal of some restrictive aspects of the Volker Rule before the rest of the market joined in. The S&P 500 Index gained 33 points (1.1%) to 3,084, the Dow added 299 points (1.2%) to 25,745 and the Nasdaq climbed 108 points (1.1%) to 10,017. Treasuries moved higher and the Dollar, crude oil, and gold all ticked up. Overall, riskier assets led safer ones by 0.4% on the day. Futures are flat pre-market on the heels of a volatile week with the S&P 500 testing support of its 200-day moving average. Asian markets were down overnight and European markets have mild gains on low volume late in their trading day. Treasuries continue to rise, with the yield on the 10-year note currently at 67 basis points; and crude prices are rising on a cut in Russian exports.
Disclosures: This market commentary is written by the 1879 Advisors® and represents the views of 1879 Advisors®. This commentary is not investment advice and should not be used as a basis to make investment decisions. Please consult with your registered investment advisor before making any investment decisions.