Rough way to head into the weekend – After yesterday’s gain into the close left traders scratching their heads for a reason, markets today are actually focusing on the negative headlines that seem to be all over the place. Virus spikes have forced the reopen thesis to be dialed back (Texas and Florida have slightly rolled back some policies), Nike’s (NKE -6.1%) earnings surprised most, and the Fed asserted more control over Banks and their capital. Lastly, a member of the FANG gang (FB -7.3%) is seeing customers suspend ad purchases on their platform on misconduct policing. All S&P sectors are in the Red, and the index has tested its 200 day moving average (3020) three times today. With equities trading lower, safe assets like UST’s and gold are outperforming. Later in the session, the Russell rebalance occurs on the close, adding to the uptick in volatility.
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