Stocks stay down as recession talk increases.
The stock market continued to trade lower as it now appears that the general consensus, outside of the White House, is that we will see a substantial recession, and we’re already in a Bear market for stocks. Goldman Sachs now says that they see a bottom for the stock markets about 20% below where we already are.
The Dow, at 2 p.m., remains down over 9.25%, or 2,160 points, and all the other indexes remain substantially lower. Stocks that are making the biggest moves include Boeing, down over 32 points, or 19%, Home Depot, down 30.5 points, or 15%, Travelers, off 14.5 points, or 13.45%, United Health, down 33 points, or over 12%, JP MorganChase, shedding more than 15 points, or 14.2%, and McDonald’s, losing more than 21 points, or 11.9%. The only winner at this time is Walgreens Boots Alliance, which is up 0.87, or 1.8%, after Caterpillar, which was up earlier in the day, surrendered to the dark side and is now down 1.43, or 1.44%.
Apple, which was “only” down 9.14%, shed 25 bucks. Another tech bellwether, Microsoft, lost 17.82, or 11.23%. Intel made that a Dow technology trilogy, down 5.51, or 10.2%.
NASDAQ stocks leading the retreat are Cintas, -41.24, Broadcom, -38.23, Fiserve, -18.11, Expedia, -12.41, Micron Technology, -6.43, Microchip Tech -10.02, Ross Stores, -15.18, Paychex, -10.65, Tesla, -84.82, Ulta Beauty -37.09, and Western Digital, -6.41.
Keep your seat belts on as we enter the final two hours of trading. It might require advanced mathematics to figure out the numbers on the close.
(Aside from being a nationally-ranked Juniors Tennis Player, Wharton School graduate Neal Abrams was a licensed investment advisor for more than 35 years. With Nadal, Djokovic, Serena and Coco on COVID-19 hiatus, he's going to look at the markets instead of the rackets).