Tobias Levkovich of Citi
Tobias Levkovich of Citi and Sam Stovall of CFRA join "Squawk Alley" to discuss the markets amid the coronavirus pandemic.
Stocks dropped on Thursday as Wall Street digested a strong rally this week along with the latest weekly jobless claims data.
The Dow Jones Industrial Average traded 90 points lower, or 0.4%. The S&P 500 fell 0.7% while the Nasdaq Composite was down 0.8%.
Amazon shares traded 1.8% lower after hitting a record high earlier in the session. Netflix slid 3.7% while Alphabet and Apple both dipped more than 0.7%.
The major averages entered Thursday’s session all up more than 3% week to date thanks in large part to state efforts to ease stay-at-home orders and begin lifting restrictions on business. Connecticut, for example, began on Wednesday to allow residents to dine in at restaurants with outdoor seating.
Sentiment has also been lifted by rising optimism around a potential coronavirus vaccine. Moderna said Monday that an early stage vaccine trial had shown positive results, with all 45 participants developing Covid-19 antibodies.
“The broad market has taken some support from positive treatment and vaccine headlines as a complement to a generally more optimistic economic reopening,” LPL Research wrote Wednesday.
LPL Market Strategist Ryan Detrick did caution, however, that such a comeback is usually accompanied by occasional pullbacks — sometimes as steep as 10% — as investors try to correct sentiment and prices to an appropriate level given bear-market headwinds.
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The global stock market is clearly overly optimistic. The Covid-19 has not come to a full stop and stocks keep rallying, like having taken pills. What the heck is wrong?
Should joe Scarborough go to prison for murdering his intern??? Shame on NBC for employing serial killers
Can you guys please pipe down on the negative sentiment. I am trying to dump stocks I currently have at a loss. I just need two weeks for the market to rally so I can exit. Much appreciated.
T market can not be looked as a election poll this time, because the market is manipulated by the FED ordered by Trump, how can you look such kind of manipulated market as a presidential poll ?
People are taking advantage of cheaper stocks because of covid
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