Hey Scoopers,
After two brutal days, the market descent has slowed down on Wednesday — more on that in the “Overall Market” section.
Beyond the overall market, coronavirus vaccine hopes boosted the price of a few pharmaceutical companies and dampened the growth rate of technology companies with production ties back to China. Those could be good items to add to your coronavirus shopping list — more on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, what’s a dead cat bounce? — more on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
Market Recap
- U.S. markets: The stock market indices didn’t agree on the direction. However, all three slowed down quite a bit compared to Monday or Tuesday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: It seems that Bitcoin has lost its safe-haven status and its price has slipped under the $9,000 mark.
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Is This The Bottom?
The stock market started Wednesday upward, and then, finished the day mostly in the red zone, except for the Nasdaq which closed the day almost at the same place it had started it.
The slowdown in the price fall may not mean that the stock market descent has stopped. As far as we all know, coronavirus is still around and the impact on the world economy is yet to be fully seen and understood. In absence of any other significant good news, there is no reason to expect a consistent bounce back. The chances are any upward movement is what the folks call a dead cat bounce — more on that in the “Water Cooler” section. But, yet again, who can predict the market, right?
Coronavirus Vaccine Hopes
So, what happened?
Shares of Gilead Sciences (Ticker: GILD), Moderna (Ticker: MRNA), and Novavax (Ticker: NVAX) were all up thanks to varying progress toward developing and testing coronavirus vaccine. Some of these companies claim that their vaccine could be ready for human trials as early as April. We sure hope so …
