Stock market today closed lower, a stock market rally faded and tech stocks underperformed
An initial stock market rally faded and Nasdaq declined the most after outperforming earlier during today’s trading session.
Stock market news
“Stocks had risen earlier after Pfizer (PFE) and BioNTech SE (BNTX) announced they had received “fast track” designation from the US Food and Drug Administration for the development of two of their vaccine candidates against Covid-19, stoking hopes of near-term inoculation amid the pandemic. The S&P 500 briefly turned positive for the year to date.”
The stock market today at the close
S&P 500: 3,155.22,-29.82(-0.94%)
Dow 30: 26,085.80,+10.50(+0.04%)
Russell 2000: 1,403.57,-19.11(-1.34%)
The S&P 500 index earlier today turned positive for the year. News that California will close indoors bars, restaurants and theaters due to the coronavirus cases had a gig neagative impact on stocks today, and profit-taking at these high price levels are two catalysts for the stock market selloff at the close today.
At 4:25 PM, ET time today the oil price was lower and gold price was marginally higher.
Crude Oil: 39.62,-0.93(-2.29%)
The 10-yr bond yield at 4:27 PM, ET time was higher at 0.6400,+0.0070(+1.11%).
The volatility for stock trading, stock investing today was higher and the CBOE Volatility Index (VIX) closed at 32.32+5.03 (+18.43%). As the earnings season is ready to start further volatility for stocks should be expected.
“Market participants have so far set a low bar for second-quarter earnings results across sectors, with the coronavirus pandemic and measures taken to contain it at their most widespread in the April through June period this year. The estimated earnings decline for the S&P 500 is 43.8% for the second quarter, according to data from FactSet as of early July. Such a result would represent the largest year-over-year decline in earnings since the fourth quarter of 2008, and a steep downward revision from the estimate as of March 31, which had been for a decline of 13.6%.”
Source: Yahoo Finance
Some stocks that moved today and were trending stocks:
Moderna, Inc. (MRNA) stock closed higher more than 10%, with a stock price at the close of 71.78+9.17 (+14.65%). Vaxart, Inc. (VXRT) stock closed at 12.12+4.14 (+51.88%), shares of Equillium, Inc. (EQ) soared more than 700%, closing at 26.50+23.31 (+730.72%) and electroCore, Inc. (ECOR) stock gained more than 100%, closing at 1.7800+0.9300 (+109.41%).