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

Markets sell-off in afternoon trading, Dr. Fauci comments on vaccine progress

Allan TongAllan Tong Posted On May 12, 2020
0
140 Views
0
0
Shares
  • Share On Facebook
  • Tweet It


This week, you missed Past Top Picks comments by Jason Mann including Methanex Corp (A Top Pick Apr 05/18, Down 19%) Get Premium to receive all past top picks opinions a few hours before market open.
Get Premium

Perhaps it was jitters, but afer a mildly positive Tuesday morning, New York and Toronto indices sold off in the afternoon, particularly before the closing bell and snapped the recent winning streak. Wall Street fell 2% while the TSX lost 1.47%.

There was no clear catalyst for the sell-off, but one factor reason may be Dr. Anthony Fauci, America’s leading infectious disease expert, who cautioned Tuesday against reopening too fast, too soon which could trigger a second wave of Covid-19 cases. Now, a rational person may say that the doctor should be voicing caution like this. Receiving less media play was Dr. Fauci’s update about vaccine development: there are at least eight vaccines in various stages of development, including some that the NIH was collaborating with pharmaceutical companies, sounding optimistic as the U.S. government will proceed with phases two and three of testing into early summer, moving “very rapidly.” At the Health Committee meeting (done virtually) where Dr. Fauci spoke, experts also discussed the key issue of testing, projecting 40-50 million monthly tests in America by September. (Early testing helped South Korea reduce cases and deaths, and accelerated normalization in its economy. Many complain that America has dropped the ball and must catch up.)

Returning to the markets, energy was the only sector in the positive Tuesday as a barrel of WCS soared over 6% to $23 and closing the gap with WTI which rose to $25.60. Energy names like Tamarack Valley rose 9.46%. However, the risk-off session saw tech favourites like Lightspeed drop 8.35%. South of the border, selling was more across the board. Healthcare was the lone area that actually gained for the day, such as Abbvie, up 2.91%

⚡ Tamarack Valley Energy +9.46%
📀 Lightspeed POS -8.35%
🔬 AbbVie Inc. +2.91%

Post Views: 140
0
Shares
  • Share On Facebook
  • Tweet It




Trending Now
Grande West Transportation Group, Aritzia Inc. and More at 52-week Highs (Jan 20-26)
Melisa R. H. January 27, 2021
C3.ai, Inc., Linde PLC and 18 Stock Top Picks (Jan 15-21)
Melisa R. H. January 22, 2021
Top 5 Online Payment Stocks: Going Beyond the Credit Card Stocks
Read Next

Top 5 Online Payment Stocks: Going Beyond the Credit Card Stocks

  • 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 (2021)
      8.5
    • Questrade vs Others | The Review Competitors Don’t Want you to Read (2021)
      7.4
  • Popular Posts

    • Grande West Transportation Group, Aritzia Inc. and More at 52-week Highs (Jan 20-26)
    • C3.ai, Inc., Linde PLC and 18 Stock Top Picks (Jan 15-21)
    • Canadian National R.R., Metro Inc and More Earnings Reports this Week (Jan 25-29)
    • Questrade vs Others | The Review Competitors Don't Want you to Read (2021)
    • Questrade Review: Pros & Cons of Trading with Questrade Canada (2021)
  • Stock Lists

    • Hit and Misses: 5 Tempting Tech Stocks
      January 26, 2021
    • 2 Successful Past Picks: Nuvei & Medtronic
      January 19, 2021
    • 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


  • 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