The stock market continued to trade lower as it now appears that the general consensus, outside of the White House, is that we will see a substantial recession, and we’re already in a Bear market for stocks. Goldman Sachs now says that they see a bottom for the stock markets about 20% below where we already are.
The Dow, at 2 p.m., remains down over 9.25%, or 2,160 points, and all the other indexes remain substantially lower. Stocks that are making the biggest moves include Boeing, down over 32 points, or 19%, Home Depot, down 30.5 points, or 15%, Travelers, off 14.5 points, or 13.45%, United Health, down 33 points, or over 12%, JP MorganChase, shedding more than 15 points, or 14.2%, and McDonald’s, losing more than 21 points, or 11.9%. The only winner at this time is Walgreens Boots Alliance, which is up 0.87, or 1.8%, after Caterpillar, which was up earlier in the day, surrendered to the dark side and is now down 1.43, or 1.44%.
Apple, which was “only” down 9.14%, shed 25 bucks. Another tech bellwether, Microsoft, lost 17.82, or 11.23%. Intel made that a Dow technology trilogy, down 5.51, or 10.2%.
NASDAQ stocks leading the retreat are Cintas, -41.24, Broadcom, -38.23, Fiserve, -18.11, Expedia, -12.41, Micron Technology, -6.43, Microchip Tech -10.02, Ross Stores, -15.18, Paychex, -10.65, Tesla, -84.82, Ulta Beauty -37.09, and Western Digital, -6.41.
Keep your seat belts on as we enter the final two hours of trading. It might require advanced mathematics to figure out the numbers on the close.
(Aside from being a nationally-ranked Juniors Tennis Player, Wharton School graduate Neal Abrams was a licensed investment advisor for more than 35 years. With Nadal, Djokovic, Serena and Coco on COVID-19 hiatus, he's going to look at the markets instead of the rackets).