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Dynamic quotes 
OFFON

Romain
Fournier

Journalist
By the same author
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Coronavirus resurgence in Europe hits markets

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09/22/2020 | 09:33am EDT

U.S. stock futures are mixed today, which could signal that the market is stabilizing after several days of steep drops, with banking and industrials stocks hard hit.

European stock markets yesterday experienced their reddest session since June. So much so that the good resistance shown against the recent Wall Street slide evaporated in a single day. The consequences of the rise in contamination are worrying just about everywhere and have given a sledgehammer blow to the sectors most weakened by Covid-19, while stocks supposedly benefiting from social distancing are coming back in force.

It could have been worse. This is probably what investors are thinking given the closing prices of the three major American indices. While the Dow Jones lost 1.8% yesterday, the Nasdaq gained 0.4%.

If we take a look at the ranking of the American technology index, we get the impression that the combo "social distancing" / "ultimately-technological-American values are defensive" has made a strong comeback. Will you take up a bit of PayPal, Netflix, Apple and eBay? All these stocks gained more than 3% yesterday. On the S&P500, we find at the other end of the spectrum the oil sector of course, but also air transport and hotels, without forgetting commodities and banking. The rise of Covid-19 in Europe is pushing investors to take refuge in the themes that worked in the spring.

Today on the agenda, we have the Richmond Fed Manufacturing Index and Old Home figures. Mr. Powell is also due to testify to the House Financial Services Committee alongside Treasury Secretary Steven Mnuchin.



Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.80% 27463.19 Delayed Quote.-3.77%
NASDAQ 100 0.82% 11598.945265 Delayed Quote.31.74%
NASDAQ COMP. 0.64% 11431.350522 Delayed Quote.26.60%
S&P 500 -0.30% 3390.68 Delayed Quote.4.95%
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