September 21, 2020

September 21, 2020

Stocks continued the selloff from the end of last week, with the DOW dropping the most, down about 2%. In economic news, last week’s jobless claims came in at 845,000 vs an expected 860,000.

 

Dow Jones -510 at 27,148

S&P 500 -38 at 3,280

NASDAQ -14 at 10,779

 

The 10 Year Treasury closed down 2 basis points yielding 0.67%

Oil prices closed down $1.61 ending at $39.50 a barrel

Gold prices closed down $46 ending at $1,907 an ounce

 

The days’ stock news:

  • Shares of Nikola dropped 19% after the company announced its founder is stepping down as the executive chairman of the electric truck maker, amid allegations from short-seller Hindenburg Research that it had misled investors and automakers.
  • Oracle said it is taking a 12.5% stake in the newly created TikTok global, with Walmart taking a 7.5% stake. TikTok Global will be a U.S. entity that will control most of the popular app’s global operations.
  • Tesla shares increased over 1% after Elon Musk told Tesla employees the company has a chance to deliver a record number of vehicles during the 3rd

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