Net worth tracking
Login Sign Up
  • All Opinions
  • Top Picks
  • Discover
  • Companies
  • Experts
WATCH LIST
Home » Daily

Markets pull back on Washington stalemate

Allan TongAllan Tong Posted On August 11, 2020
0
395 Views
0
0
Shares
  • Share On Facebook
  • Tweet It


This week, you missed Past Top Picks comments by Hap (Robert) Sneddon including Progressive Corp Ohio (A Top Pick Feb 04/19, Up 22%) Get Premium to receive all past top picks opinions a few hours before market open.
Get Premium

Wall and Bay streets sold off late Tuesday after the Republic Senate leader announced that the latest stimulus talks between his party and the Democrats have hit an impasse. Meanwhile, the rotation out of tech stocks into cyclicals continues in light trading. By the close, the Nasdaq was -1.89%, posting its longest losing streak since early March. The S&P was -0.8%, marking its worst performance since July 23, and the Dow closed -0.38%. The FANG stocks and other tech names sold off. For instance, high-flying Zoom plunged 7.58%. Instead, financials rallied 1.38% with JP Morgan up 3.16%, and travel and leisure names surged. Wynn Resorts jumped 8.36%.

In Toronto, Canadian stocks closed -0.61%. Like the U.S., travel names enjoyed a holiday with Chorus Aviation soaring 8.33%, just two days ahead of its quarterly report. After enjoying gains in recent sessions, energy stocks gave back as the price of WTI and WCS slipped around 1%. However, the losses were greater in gold with the future price of gold plunging nearly 6%, the materials sector losing 5.89%, and the XGD ETF sliding 7.5%. In notable earnings, luxury coat-maker Canada Goose reported a 63% drop in sales due to COVID, and the stock fell 5.67% in trading.

Earlier in the day markets saw a modest lift after Russia’s Putin approved what he claimed to be the first vaccine to combat COVID-19, but the drug has undergone fewer than two months of human testing, far below the accepted global standard. Markets soon desregarded the Russian dictator and scientists debunked his pronouncement.

📹 Zoom Video Communications Inc. -7.58%
🏛 JP Morgan Chase & Co +3.16%
🏢 Wynne Resorts Ltd. +8.36%
🛫 Chorus Aviation Inc +8.33%
🏛 iShares S&P/TSX Global Gold -7.50%
🧥 Canada Goose Holdings -5.67%

Post Views: 395
0
Shares
  • Share On Facebook
  • Tweet It




Trending Now
Canadian Tire Corporation Ltd., Royal Bank and More at 52-week Highs (Jan 06-12)
Melisa R. H. January 13, 2021
KB Home, Verizon Communications and 20 Stock Top Picks (Jan 08-14)
Melisa R. H. January 15, 2021
FedEx Stock and Walmart Stock: Discover the U.S. Market Bellwethers
Read Next

FedEx Stock and Walmart Stock: Discover the U.S. Market Bellwethers

  • We're the Stock Chasers
    Hi! We are the Stock Chasers. We write about investing and finance tools we love. We’re passionate about fintech and we invest almost all our affiliate and advertising revenues into the development of Stockchase and Wealthica. We hope you enjoy the stock ideas and product reviews!
  • Join 39,652 Investors

    Winning in the Market eBook
    We deliver stock ideas to your inbox. Sign up free, get the ebook!

  • Top Reviews

    • The Ugly Truth About Identity Theft – Free Credit Report
      10
    • Questrade Review: Pros & Cons of Trading with Questrade Canada (2020)
      8.5
    • Questrade vs Others | The Review Competitors Don’t Want you to Read (2020)
      7.4
  • Popular Posts

    • Canadian Tire Corporation Ltd., Royal Bank and More at 52-week Highs (Jan 06-12)
    • KB Home, Verizon Communications and 20 Stock Top Picks (Jan 08-14)
    • Cogeco Cable, TheScore Inc. and More Earnings Reports this Week (Jan 11-15)
    • Battle of the Stocks: Proven Tech Stocks to Buy in 2021
    • Top 8 ETF Stocks To Watch in 2021
  • Stock Lists

    • 4 Proven Financial Stocks Riding the Blue Wave
      January 13, 2021
    • Top 8 ETF Stocks To Watch in 2021
      January 8, 2021
    • Top 10 Finance Stocks To Watch in 2021
      January 7, 2021
    • Top 5 Energy Stocks To Watch in 2021
      January 6, 2021
    • Battle of the Stocks: Proven Tech Stocks to Buy in 2021
      December 22, 2020


  • Get $50 in free trades.


  • Stockchase neither recommends nor promotes any investment strategies.

    About us : Privacy & Terms : Contact us

© Stockchase Inc.
Press enter/return to begin your search