Dow -700 on Covid Fears Crossing Wall Street

Dow -700 on Covid Fears

Covid is scaring the stock market once again. The Dow is currently down over 700 points. At its low, the S&P 500 was down 1.84%. This could be the worst day for market in two months. Some of the airlines are down over 5%.

Also this morning, we learned that homebuilder confidence is still high, but it’s down a bit.

A monthly sentiment index from the National Association of Home Builders dropped 1 point to 80 in July. The index stood at 72 in July 2020. Anything above 50 is considered positive. The index hit a record high of 90 in November of last year.

“Builders continue to grapple with elevated building material prices and supply shortages, particularly the price of oriented strand board, which has skyrocketed more than 500% above its January 2020 level,” said NAHB Chairman Chuck Fowke, a homebuilder from Tampa, Florida.

Robinhood is looking to sell 55 million shares between $38 and $42 per share. The ticker symbol is HOOD. It will probably go public towards the end of next week.

Here’s a look at the growing gap between High Beta and Low Vol stocks.

Posted by Eddy Elfenbein on July 19th, 2021 at 10:26 am

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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