The US market have had a very rough trading day as the Dow Jones Industrial index dropped massively due to fears of lock down implementation as the number of cases have started to climb back up.
The index spin down by as much as 725points to 33,962,04 one of its worst day for 2021 season
S&P 500 drop by -1.59% and Nasdaq Composite Index by -1.06%
Majority of global indexes encountered the same sentiment with higher losses on the European market.
At the moment, US futures are currently recovering on the rout. It remains to be seen if it can sustain the heavy selling for the day.
Earlier on the day, Asian markets dropped as well. The global investment sentiment is not looking good as this time
Traders and investors alike are currently fearful of the current market situation. The Blue chip index opened with a gapped down measure and dropped again by as much as 2.7% during the trading hours causing sell off shares from the market.
It managed to comeback up but still reeling from a loss of 1.5%. The market has been very cautious for the past few days of trading and majority of the stocks are nearing the oversold region. Blue chip stocks were sold off today
1. BLOOM-5.74%
2. RLC-4.84%
3. DMC-4.19%
4. ALI-3.94%
5. MBT-3.56%
6. AC-3.31%
7. MPI-3.17%
8. ICT-2.99%
9. SMPH-2.72%
10. AEV-2.46%
11. SECB-1.75%
Prevailing news coming from OCTA research group cautioning the government to implement again heightened restrictions, as it fears resurgence of the Delta Variant in National capital region. According to the independent research group,
“The surge could be comparable to the March surge pero, we think that the level of vaccination will help mitigate the surge,” “There is no surge yet. We’re projecting that if the Delta variant is able to come in the region, the surge that we might see could be comparable to the March surge.” OCTA Research fellow Guido David said during online briefing.
“Makakatulong sila against severe infection of the coronavirus. Pero pwede tayong maging carrier. Kailangang proteksyunan ‘yung di pa vaccinated so dapat sumunod sa health protocols”
Foreigners became net sellers with a traded net foreign value of -362.2M
