E US Stock Market Weekly Review July 6- July 10, 2020

A second consecutive higher close for the US stock market for the week ending on July 6, 2020. The Nasdaq hit another new record high and tech stocks outperformed. Next week will start with the second-quarter earnings season, and fundamentals can move the stock market either higher or lower depending on the actual numbers reported, with stock market volatility expected to move higher.

Economic News

The ISM Non-Manufacturing Business Activity Index came in at 66.0. beating the forecast of 49, showing an expansion in the non-manufacturing economy. Another positive economic data reported was the weekly US initial and continuing jobless claims which both came in at lower than expected. The Producer Price Index came in at -0.2%, lower than the forecast of 0.4%, reflecting the absence of inflationary pressures on the cost for production for several industries.

Coronavirus resurgence worries continue to play an important role. The 10-year bond treasury yield closed at 0.6330% on Friday, July 10, 2020, and for the week it traded in a tight range of about 0.67% to 0.57%. The CBOE Volatility Index (VIX) for the previous week closed at 27.29 on Friday, July 10, 2020, little changed for the week.

For the week of July 6– July 10, 2020, the major US stock market indexes closed as follows on Friday, July 10, 2020:

• Dow Jones Industrial Average: Close, 26075.30, +0.96% for the week, -8.63% Year-to-date (DIA)

• S&P 500 Index: Close 3185.04, +1.76% for the week, -1.42% Year-to-date (SPX)

• Nasdaq: Close 10617.44, +4.01% for the week, +18.33%, Year-to-date (QQQ)

• Russell 2000: Close 1422.68, -0.64% for the week, -14.73% Year-to-date (IWM)

Weekly Stocks Gainers

These are the top 3 gainers, stocks with 5 days of consecutive price advances:

1. Unum Therapeutics Inc (UMRX), Close 3.32, 5-day change +646.40%

2. Biondvax Pharma Ads (BVXV), Close 41.59, 5-day change +69.20%

3. Emx Royalty Group (EMX), Close 2.89, 5-day change +30.18%

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Disclosure: I have no position in any stock mentioned

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William K. 9 months ago Member's comment

certainly the inflation rate will need watching. With all of that new money dumped into the economy and production much lower prices will certainly rise. But at least one pundit has been touting the present lack of inflation. I suspect that if one closes their eyes tightly enough one would not see it.. ( Note that this is an unproven theory of mine, it has not been proven true yet)

Dick Kaplan 9 months ago Member's comment

Yes William, I was having the same thought.