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Home » Daily

Markets slide on Covid fears and bank news

Allan Tong Posted On September 21, 2020
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World markets tumbled to start the week, sparked by fears of rise on Covid-19 cases and a report that the world’s banks moved over $2 trillion as money laundering and other criminal activity. The report was based on documentsthat  banks submitted to the U.S. government about (unconfirmed) suspicious activity.

Deutsche Bank was hammered by over 8%, while JPMorgan fell 3.1%. The Dow shed 1.84% and the S&P slipped 1.16%. Tech actually suffered minor losses as the Nasdaq closed only -0.13%. Covid fears pressured travel and leisure names, which rose last week. For example, Wynn Resorts plunged nearly 7%. Unitedhealth was among the big laggards, closing -2.87%, while American Express plunged 5%. Some tech names were actually up Monday, such as Netflix at 3.7% and Ebay at 3.15%.

Covid fears pressured oil prices and, by extension, the TSX, which slipped 1.34%. Materials were hit 3%, energy down 2.32% and financials slipping 1.49%. The price of WTI and WCS dropped 3.5-4.25%, dragging down CNQ by 4.62% and Vermillion by 8.71%. Shopify bucked the trend by gaining 3.76% and Organigram climbed 3.31%. A silver lining is that North American indices closed off their session lows. The VIX popped 6.3%, but well off 10% as seen earlier Monday.

🏛 Deutsche Bank AG -8%
🏛 JP Morgan Chase & Co -3.1%
🏢 Wynne Resorts Ltd.-7%
👨‍⚕️ UnitedHealth Group Inc -2.87%
🏛 American Express -5%
📺 Netflix Inc. +3.7%
🛍 eBay Inc +3.15%
🛢 Canadian Natural Rsrcs -4.62%
🛢 Vermilion Energy Inc -8.71%
🛍 Shopify Inc. +3.76%
🌿 Organigram Holdings +3.31%

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