Daily Chart Report ? Wednesday, September 2nd, 2020
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Today’s Summary
Wednesday, September 2nd, 2020
Indices: US Stocks continued higher in today’s session with the Dow Jones Industrial Average advancing 455 points or 1.59%. The S&P 500 and Nasdaq closed at fresh all-time highs, rising 1.54% and 0.98%, respectively. The Russell 2000 underperformed but still gained 0.87%.
Sectors: 10 of the 11 sectors closed higher. Utilities led significantly, rising 3.11%. Energy was the only sector to close lower, falling 0.48%.
Commodities: Crude Oil futures dropped 2.92% to $41.51 per barrel. Gold futures fell 1.40% to $1,949 per ounce.
Currencies: The US Dollar Index rose 0.37%.
Interest Rates: The US 10-year Treasury yield fell for the fourth straight day to 0.653%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Strategas Research Partners (@StrategasRP). It’s a chart of the IPO index over the past three years on both an absolute (top) and relative (bottom) basis. The IPO index is comprised of recently listed US companies. Right now, the top five holdings include $ZM, $UBER, $PDD, $MRNA, $CRWD. In a comment to The Chart Report, Todd Sohn of Strategas told us, “The fact that this high beta group is at all-time highs on both an absolute and relative basis is further evidence of risk appetite and liquidity. We consider this price action to be supportive of the bull case for stocks.”
Quote of the Day
“The trend is innocent until proven guilty.”
– Unknown
Top Links
3 Charts to Watch If You Are Bullish – LPL Financial Research
Here are three must-see tables that put the current market into perspective.
Jerry Parker Talks Best Ways To Identify Market Trends – TD Ameritrade Network
Trend following legend, Jerry Parker shares his thoughts on Currency and Commodity markets.
Technology Today vs. History – Bespoke
Bespoke examines the surge in Technology stocks relative to the other sectors of the S&P 500.
Treasury Yield Reverses HARD Off The Lows – Big Trends Monthly
Josh Brown and JC Parets review monthly candlestick charts to highlight some of the most important trends across the markets.
5 Reasons the Bul Market Could Continue - Fidelity
Jurrien Timmer of Fidelity explains why he thinks the current bull market is sustainable.