7/30/20 Market Notes
US equities posted gains on Wednesday amid a backdrop of accommodative Fed-speak, mostly positive earnings reports, and expectations for further stimulus. The S&P 500 added 40 points (1.2%) to 3,258, the Dow gained 160 points (0.6%) to 26,540, and Nasdaq increased 141 points (1.4%) to 10,543. Small cap stocks gained the most as risk-on trade predominated. Among S&P sectors; Energy, Financials, and Real Estate outperformed. The tech sector rounded out the top four. Treasuries were mixed with the ten year at 58bps, edging closer to its March 9th low of 54 basis points; while the Dollar weakness continued and gold reached another new high at $1,968.81 per Troy ounce.
US futures are following European stocks lower ahead of this morning release of preliminary Q2 GDP, and after Germany reported a record drop in GDP. US GDP is expected to reflect a year over year plunge of 34.1%, its worst since World War II; Investors will also be looking closely at Initial Unemployment Claims, and a slew of earnings data, culminating with the after-the-close releases from Apple, Amazon, Facebook and Alphabet.
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.