Market Talk – Wednesday, Sept. 16

Under “Operation Warp Speed,” the US is aiming to develop a coronavirus vaccine in the shortest amount of time possible. Today, the Department of Health and Human Services and the Department of Defense announced that they plan to distribute the vaccine within 24 hours of its authorization. “Our goal at Operation Warp Speed is that 24 hours after (regulatory authorization) is issued, we have vaccine moving to administration sites,” an official told Reuters. The government is also planning to track immunization across the nation through pharmacy records, leaving many to speculate whether the vaccination will become mandatory.

Snowflake (SNOW), a cloud computing service, became the largest software IPO in market history this Wednesday. Snowflake debuted at $245 per share today, more than doubling in price from analysts’ estimated range.

US Market Closings:

  • Dow advanced 36.78 points or 0.13% to 28,032.38
  • Nasdaq declined 139.85 points or -1.25% to 11,050.47
  • S&P 500 declined 15.71 points or -0.46% to 3,385.49
  • Russell 2000 advanced 14.17 points or 0.92% to 1,552.33

Canada Market Closings:

  • TSX Composite declined 135.61 points or -0.83% to 16,295.66
  • TSX 60 declined 9.85 points or -1% to 973.79

Brazil Market Closing:

  • Bovespa declined 622.23 points or -0.62% to 99,675.68

ENERGY:

The oil markets had a mixed day today:

  • Crude Oil increased 1.73 USD/BBL or 4.52% to 40.0100
  • Brent increased 1.59 USD/BBL or 3.92% to 42.1200
  • Natural gas decreased 0.057 USD/MMBtu or -2.41% to 2.3040
  • Gasoline increased 0.0468 USD/GAL or 4.14% to 1.1768
  • Heating oil increased 0.0149 USD/GAL or 1.36% to 1.1115

The above data was collected around 12:38 EST on Wednesday.

  • Top commodity gainers: Crude Oil (4.52%), Gasoline (4.14%), Brent (3.92%), and Coal (3.78%)
  • Top commodity losers: Natural Gas (-2.41%), Cocoa (-5.82%), Bitumen (-6.33%), and Lumber (-33.27%)

The above data was collected around 12:50 EST on Wednesday.

BONDS:

Japan 0.01%(+0bp), US 2’s 0.14% (-0bps), US 10’s 0.67%(-1bps); US 30’s 1.41%(-2bps), Bunds -0.48% (-0bp), France -0.23% (-1bp), Italy 0.96% (-3bp), Turkey 12.97% (+15bp), Greece 0.99% (-8bp), Portugal 0.28% (-1bp); Spain 0.23% (+2bp) and UK Gilts 0.21% (-1bp).

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