1. Welcome to Oklahoma Shooters Association! Join today, registration is easy!

    You can register using your Google, Facebook, or Twitter account, just click here.
  2. All members receive 3 free listings a month. Get unlimited listings for just $10 a year! Click here for all the info.

Nasdaq hit the circuit breakers against this morning; going up

Discussion in 'General Discussion' started by SlugSlinger, Mar 20, 2020.

  1. SlugSlinger

    SlugSlinger Sharpshooter

    Messages:
    3,715
    Likes Received:
    1,238
    Joined:
    Apr 14, 2009
    Location:
    Owasso
    Rating
    100%
    What a roller coaster ride. I’m starting to get nauseous.

    As of 6:44 a.m. ET, Dow Jones Industrial Average futures were up about 700 points, implying a gain of more than 600 points at the open on Friday. S&P 500 futures were up about 3%.

    Nasdaq-100 futures jumped nearly 5% and were ‘limit up,’ meaning no trades could take place above those levels. CME Group halts futures at certain bands in overnight trading in order to curb panic trading. Futures have hit these extreme levels multiple times during this volatile month, mostly to the downside.

    A number of factors contributed to the positive sentiment:

    • California issued a statewide order to ‘stay at home’ for its residents, the kind of drastic measures investors have been hoping for to slow the spread of the virus and reduce the long-term economic damage.
    • Oil’s rebound continued. The collapse in crude has raised concerns about a deep global recession. Crude futures were up another 7% after posting their biggest gain ever on Thursday.
    • The U.S. dollar declined after central bank actions. A global rush into the greenback for safety and liquidity has sent the currency soaring, but at the same time it’s given another hit to big U.S. exporters by raising costs at this difficult time.
    • Tech shares are bouncing as investors bet the sector can weather a recession. Shares of Microsoft were up more than 6% in premarket trading.
    Stocks rose on Thursday, with the Dow rising 188.27 points, or nearly 1%, to 20,087.19. The S&P 500 was up 0.5% at 2,409.39 while the Nasdaq Composite outperformed with a 2.3% surge to 7,150.58. The energy sector led stocks higher, gaining 6.75%, as oil surged.

    The gains are a break from the extreme volatility of late in the market, as investors try to make sense of the ongoing coronavirus-induced business slowdown.

    On Wednesday, the Dow dropped 1,338.46 points, or 6.3%, to close below 20,000 for the first time since February 2017. Investors are hoping that was the bottom and that the stock market can recover as the virus cases peak in coming months and government stimulus kicks in.

    [​IMG]


    Still, Thursday’s gains have barely put a dent in what’s been a week of steep losses. The Dow is down 13.36% on the week, putting it on track for its largest weekly percentage loss since the financial crisis. The 30-stock index remains 32% below its all-time high level from February, while the S&P 500 is 29% below its high.

    The Fed has announced a number of stimulus measures, but it hasn’t assuaged investors’ fears.

    “Market volatility will persist until the government – fiscal or monetary – provides a backstop to stressed corporates and small & medium businesses,” New York Life Investments’ Lauren Goodwin said Thursday. “Support of those functions is vital to ensuring the economic disruption of covid-19, though severe, is temporary,” she added.

    Late Thursday, California Gov. Gavin Newson announced the statewide order.

    “Home isolation is not my preferred choice ... but it is a necessary one ...This is not a permanent state, this is a moment in time,” Newsom said.

    As the number of coronavirus cases continues to rise, Bridgewater’s Ray Dalio was the latest investor to weigh in on the long-term impacts of the virus.

    “What’s happening has not happened in our lifetime before ... What we have is a crisis,” the Bridgewater founder said Thursday on CNBC’s “Squawk Box.”“There will also be individuals who have very big losses. ... There’s a need for the government to spend more money, a lot more money.”

    He said the outbreak will cost U.S. corporations up to $4 trillion, and “a lot of people are going to be broke.”

     
  2. SlugSlinger

    SlugSlinger Sharpshooter

    Messages:
    3,715
    Likes Received:
    1,238
    Joined:
    Apr 14, 2009
    Location:
    Owasso
    Rating
    100%
    Oils recovered some for the time being from $20.



    E5D54F1F-29A7-4B22-A564-7BDCF0B3A529.png
     
  3. jakeman

    jakeman Sharpshooter

    Messages:
    1,103
    Likes Received:
    276
    Joined:
    Jan 31, 2010
    Location:
    Blanchard, America
    Rating
    100%
    Of course it's going up. It's payday, my 401k contribution and match go in today.

    It will probably plummet again on Monday, and be worth less than I paid for it today. S'sOB's

    FML
     
    thor447 likes this.
  4. SlugSlinger

    SlugSlinger Sharpshooter

    Messages:
    3,715
    Likes Received:
    1,238
    Joined:
    Apr 14, 2009
    Location:
    Owasso
    Rating
    100%
    Went up 2000 last Friday when my 401k bought. Timing is very suspicious.
     
  5. Judi

    Judi Sharpshooter

    Messages:
    374
    Likes Received:
    574
    Joined:
    Aug 27, 2017
    Location:
    Near E. C.
    Rating
    100%
    Four other GOP senators -- Georgia's Kelly Loeffler, Wisconsin's Ron Johnson, Georgia's Sonny Perdue, and Oklahoma's James Inhofe -- also sold off stock following briefings on the virus.
     
    RETOKSQUID, THE JOKER and Hobbes like this.
  6. RETOKSQUID

    RETOKSQUID Sharpshooter

    Messages:
    3,918
    Likes Received:
    1,914
    Joined:
    Aug 22, 2009
    Location:
    Back in BA
    Saw that on the news this morning. Finestine and a few dems were also on that list. They need to be nailed to the wall by their private parts for insider trading.
     
    jakeman likes this.
  7. Hobbes

    Hobbes Sharpshooter

    Messages:
    8,516
    Likes Received:
    612
    Joined:
    Mar 5, 2008
    Location:
    The Nations
    Rating
    100%
    Today is a quadruple witching Friday.
    Futures are always scrooey on a triple or quadruple witching Fri.
     
  8. Fredkrueger100

    Fredkrueger100 Sharpshooter

    Messages:
    5,097
    Likes Received:
    2,018
    Joined:
    Aug 16, 2012
    Location:
    Shawnee, OK
    Rating
    100%
    I have lost over $11,000 in my 401k because of this crap! It was doing excellent before. So was my wife’s. She has lost more than me. And this is why 401k’s suck. My company did away with pensions before I got on. Makes me sick thinking about it. This crap happened to my dad back around the early 2000’s. He lost so much money and so did a bunch of his work buddies at Dayton. And it never recovered. But he has a pension and is on disability so he has it made. I will probably have to work till I’m dead.
     
  9. FrankNmac

    FrankNmac Sharpshooter

    Supporter
    Messages:
    733
    Likes Received:
    634
    Joined:
    Jul 12, 2016
    Location:
    Oklahoma
    Rating
    100%
  10. DRC458

    DRC458 Sharpshooter

    Supporter
    Messages:
    6,699
    Likes Received:
    3,318
    Joined:
    Mar 1, 2006
    Location:
    Enid, OK.
    Rating
    100%
    If I had only lost $11K I would be partying hardy.


    .
     
    jakeman, n423, Fredkrueger100 and 4 others like this.

Share This Page