September 15, 2020

September 15, 2020

Stocks moved higher for a 2nd consecutive day, with the NASDAQ leading the way, up 1%. In economic news, industrial production increased 0.4% in August, slightly lower than expected.

 

Dow Jones +2 at 27,996

S&P 500 +18 at 3,401

NASDAQ +134 at 11,190

 

The 10 Year Treasury closed up 1 basis point yielding 0.68%

Oil prices closed up $1.01 ending at $38.27 a barrel

Gold prices closed down $2 ending at $1,953 an ounce

 

The days’ stock news:

  • Shares of Nvidia increased 1% after Needham raised its price target to $700 per share from $600, stating the acquisition of Arm Holdings could potentially add $1.20 to $1.65 a share to earnings in 2022.
  • Sony shares dropped 2% after the company said it was cutting production targets for its upcoming PlayStation 5 by 20%, due to issues with the consoles’ chips.
  • Kraft Heinz announced it is planning to cut $2 billion in costs over the next 5 years. Kraft shares increased about a half of percent.

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