Investing.com | Nov 19, 2020 12:48
Contracts on US futures including for the Dow, S&P, NASDAQ and Russell 2000, as well as European shares fell on Thursday following Wednesday's announcement during the Wall Street session that New York City public schools will close as cases of coronavirus continue to increase there and across the United States.
COVID-19 related deaths in the US have now passed 250,000 and this news offset Pfizer's update that its potential vaccine efficacy rate was actually 95% in late stage trials, taking the company closer to an application for an emergency use authorization.
The dollar is up, ending its recent decline but gold is down for the third consecutive day.
The equity market continues to whipsaw between sectors that benefit from social restrictions and those that do not. Investors are reversing a rotation out of tech and into value sectors on continued bad news about escalating coronavirus cases.
The HSBC MSCI World UCITS ETF (LON:HMWO), which tracks stocks from 23 developed countries worldwide, fell for the third day after posting a record high.
The global benchmark fell from the top of a broadening pattern, demonstrating a disoriented market.
All four US contracts are in the red today, with Russell 2000 futures underperforming, as the switch between stocks that outperform in a stay-at-home environment and those that best respond to an economic recovery continues.
European stocks fell right out of the gate, with declines in every sector. German conglomerate Thyssenkrupp (DE:TKAG) plunged 7% after announcing the company not his cup of tea . However, he did acknowledge that “very smart people” are buying into the cryptocurrency in the belief that it will outperform gold, the dollar and Treasuries.
Bitcoin’s slump confirmed yesterday’s high wave candle, which in turn underscored the resistance at the top of the falling channel. The RSI has been extremely oversold for nearly a full month—the longest duration since June 2019—developing a H&S top.
Oil continued to struggle between positive vaccine news and dampened demand from lockdowns as well as increasing inventories. The price of oil is expected to remain uncertain as Tuesday's OPEC+ meeting failed to provide any guidance on future production.
Technically, the contract has failed to top the resistance line today for the fifth time.
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