USA stock rout continues as market eyes SoftBank's options trading

22 Octobre, 2020, 04:41 | Auteur: Auguste Feret
  • Provided by CNBC A pedestrian passes in front of the New York Stock Exchange

"Stocks were showing modest gains on the back of the United States non-farm payrolls report, but the bearish moves in the USA rocked confidence over here", noted analyst David Madden, at CMC Markets.

At 12:58 p.m. ET, the Dow Jones Industrial Average was down 303.91 points, or 1.07%, at 27,988.82 and the S&P 500 was down 48.08 points, or 1.39%, at 3,406.98. The blue-chip gauge bounced in the final hour of trading, briefly pushing back into positive territory before falling back.

The benchmarks finished the week in the red, halting a multiweek advance for the S&P 500 and the Nasdaq.

The tech-heavy Nasdaq saw a 3.3% weekly decline, its largest since March, while the Dow fell 1.8% and the S&P 500 lost 2.3%.

The Dow opened higher and climbed 200 points as investors jumped in expecting a rebound after an 807-point plunge Thursday. The S&P 500 closed 125.78 points lower, down 3.5%, at 3,455.06. The Nasdaq Composite tumbled 598.34 points, or 5%, to end at 11,458.10.

The S&P 500 and Dow were headed for their worst two-day decline since mid-June. "That may be an area where investors are getting a bit spooked", she said.

The latest monthly jobs report seemed to factor little into Friday's trading session. "But what I would add to that is that we've seen the best of the recovery".

In something of a reversal from sessions earlier this week, the main Wall Street indices are expected to start on a mixed note but with the Nasdaq on the back foot following yesterday's tech plunge. Meanwhile, beaten down sectors found buying interest, with financials up 0.8%, industrials up 0.2% and materials up 0.1%. The latest manufacturing and services updates have been positive, broadly speaking. Markets were now seeing a "sharp turnaround", he said. Momentum has substantially outperformed value in 2020, with MTUM up 16.9% in the year to date versus a 15.5% fall for VLUE.

In point of fact, Thursday's tottering in the Wall Street was largely goaded by a bundle of baleful economic data as both initial and continuing jobless claims had still been hovering above a record trench, suggesting a menacing slowdown in labour market recovery as forecasted in July FOMC minutes.

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Data from the Labor Department showed that the economy regained 1.4 million jobs in August and the unemployment rate fell to 8.4% from 10.2%. The increase in hiring in July was revised down slightly to 1.73 million.

"For some perspective, September ushers in a historically volatile period for the market, and has a particularly bearish reputation", he wrote.

Which stocks were in focus?

Among individual stocks, shares of Apple rose 8 cents, or lesz than 0.1%, to $120.96, recouping an earlier loss. (UA)(UAA)said Friday it will close all of its UA Brand House and UA Factory House retail locations in the USA for Thanksgiving on November 26., as a way to thank workers for their efforts during the pandemic.

Shares of Tesla Inc. (TSLA) erased an early decline, rising 2.8% to allow the electric-vehicle maker to avoid a fourth straight decline.

Bonds pared what was a pretty modest rise overnight, given the selloff in the equity market. The WSJ Dollar Index, which tracks the USA currency against a basket of others, was steady.

Gold futures (GCZ20) ended lower, retreating for a third straight session. USA benchmark crude futures (CL) tumbled on demand worries, finishing below $40 a barrel. The Stoxx Europe 600 slid 0.2%, led lower by German shares.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.6%.

Tokyo, Hong Kong, Seoul, Singapore, Mumbai, Jakarta and Wellington all sank more than one percent, while Sydney dropped more than three percent.

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