Connect with us

Business

U.S equities move strongly lower, after hitting new record highs yesterday – Kitco NEWS

Published

on


After hitting new all-time record highs in both the NASDAQ composite and S&P 500, profit-taking and selling pressure today took all three major indexes dramatically lower. The largest drawdown today occurred in the indices that has performed the best of all three major indexes, the NASDAQ composite. After closing above 12,000 yesterday the NASDAQ composite opened at 11,859 this morning, and was at 11,458 by the close. The selling pressure in the NASDAQ composite took that index 598 points lower which is a decline of almost 5% (-4.98%).

The S&P 500 lost 3.51% in trading today, the total drawdown of 125.78 points taking that index to 3,455.06. The index that had the smallest percentage drawdown was also the index that did not trade to an all-time record high yesterday which is the Dow. The Dow Jones industrial average lost 807 points which is a net decline of -2.78%, taking that index to 28,292.73.

The catalyst for today’s dramatic selloff in U.S. equities is not crystal clear. However MarketWatch reported that Chris Zaccarelli, chief investment officer for Independence Advisor Alliance said, “In the absence of a specific catalyst, it’s easy to classify today’s swoon as profit-taking, noting that the “most-loved” parts of the market — the technology, consumer discretionary and communications services sectors — sold off the most.”

This report also cited a statement by Esty Dwek, head of global macro strategy for Natixis Investment Managers which said, “Tech stocks, and the overall market, hadn’t really had a bad day since June, so this is a healthy breather. It was never just going to be a straight line up. But the long-term structural support for technology has not changed and support for equities has not either,”.

Today’s selloff occurred in conjunction with positive economic data. New applications for unemployment benefits fell 130,000 to a seasonally adjusted 881,000. This was lower than the estimate which was looking for a seasonally adjusted number of 940,000. This data certainly suggests that although slow, a recovery has begun in the United States.

However, the most important data to be released this week will occur tomorrow when the U.S. Labor Department releases its jobs report for last month.

Lower U.S. equity pricing pressured the precious metals, and with the exception of palladium, all the precious metals sustained a wide loss in trading today. Silver had the largest percentage drawdown, which is logical due to its industrial component. Silver futures lost 2.32%, taking the most active December 2020 contract to $26.76, after factoring in today’s decline of almost $0.64.

Gold sustained the smallest percentage drawdown giving up 0.38%, with the most active December 2020 futures contract closing at $1,937.40. Our technical studies indicate that the next strong level of support in gold occurs at $1,900 per ounce, with major support at $1,847 which is the 38% Fibonacci retracement level. Major resistance for gold continues to remain $2,000 per ounce.

For those who would like more information on our services, simply use this link.

Wishing you as always, good trading,

Let’s block ads! (Why?)



Source link

Business

Drugmaker Novavax begins late-stage vaccine trial in U.K. – CTV News

Published

on


LONDON —
U.S.-based Novavax has begun a late stage trial of its potential COVID-19 vaccine in the United Kingdom because the high-level of the coronavirus circulating in the country is likely to produce quick results, the pharmaceutical company said.

Novavax plans to test the effectiveness of its vaccine in a trial involving 10,000 people between the ages of 18 and 84, according to a statement issued late Thursday. At least 25% of the subjects will be over the age of 65, and 400 participants will also receive a licensed flu vaccine.

The trial is being conducted in partnership with the U.K. government’s Vaccine Taskforce, which was created in April to help speed the development of a COVID-19 vaccine.

“With a high level of SARS-CoV-2 transmission observed and expected to continue in the U.K., we are optimistic that this pivotal phase 3 clinical trial will enrol quickly and provide a near-term view of (the vaccine’s) efficacy,” Dr. Gregory M. Glenn, head of research and development for Novavax, said in the statement.

The announcement comes as COVID-19 cases continue to rise across the U.K. The government reported 6,634 new positive test results on Thursday — the U.K.’s highest daily number since the pandemic began. Britain has the deadliest outbreak in Europe, with nearly 42,000 confirmed COVID-19 deaths.

Drugmakers are rushing to develop COVID-19 vaccines with the backing of governments desperate to find a way of easing restrictions that have hammered the world economy.

The U.K. has already agreed to buy 60 million doses of the Novavax vaccine to ensure it can be distributed as quickly as possible if it is approved by regulators.

The government said Friday that participants in the Novavax trial will be drawn from the 250,000 people who have volunteered to take part in COVID-19 vaccine testing through the National Health Service’s Vaccine Registry.

“Finding a safe and effective vaccine that works for the majority of the U.K. population is the best way to tackle this devastating disease,” said Kate Bingham, chair of the government’s Vaccines Taskforce. “Whilst social distancing, testing and other measures can help reduce the impact of coronavirus, the only long-term solution to beating it will be finding a vaccine.”

Novavax also pledged to publish details of its vaccine testing protocol “to enhance information-sharing during the worldwide pandemic.”

Drugmakers are under pressure to release more information about the progress of their vaccine trials — information they normally wouldn’t release until the trials are complete — to increase public confidence in their work.

Several other big pharmaceutical firms, including AstraZeneca, Moderna and Pfizer, have already released the protocols for their trials.

Let’s block ads! (Why?)



Source link

Continue Reading

Business

Demand for sports equipment and home gyms booms as Canadians prepare for pandemic winter – CBC.ca

Published

on


Canadians in need of sports equipment and fitness gear to stay healthy and have fun during a pandemic winter have learned a valuable lesson: Shop early to avoid disappointment.

“People saw what happened with kiddie pools and fitness equipment in the spring,” said Gillian Montgomery, who co-owns Skiis and Biikes, a sporting goods chain with three locations in southern Ontario. Her stores are already unusually busy.

“Normally we don’t have interest in winter products until we see the snow and even until Christmas, but this year we’ve had maybe 30 calls just since September about getting cross-country skiing equipment.”

At Calgary’s Abom Ski & Board, owner Randy Ahl already has a “big, long” waiting list for entry-level cross-country ski packages that haven’t even arrived at the store yet.

Wait lists already growing

“Whether it’s a couple or a family, they’re saying, ‘We want a phone call when those things come in,'” said Ahl, who has already outfitted entire families with boots, poles and skis that he does have in stock. “I consider over $2,000 to be a fairly big purchase, and that’s happened already more than a dozen times.”

People who plan to exercise indoors are prepping as well.  

Drew Berner has installed a home gym in his Toronto garage.

I fully intend to be out there all winter long,” said the father of three-year-old twins. “My garage is detached, but it is insulated, and I’m going to get a little space heater.”

Early in the pandemic with gyms locked down, health-conscious Canadians made alternate arrangements, following along with exercise instructors on YouTube, joining classes held in parks, or buying exercise gear to use at home. 

Drew Berner of Toronto hustled to assemble a gym in his garage, as many retailers were sold out of equipment and used goods were in hot demand. (Submitted by Drew Berner)

But many retailers were unable to satisfy demand for sporting goods and fitness equipment. Canadian Tire experienced triple-digit growth in the category. 

“Consumer demand far exceeded both historical demand and available inventory,” the company said in a statement to CBC News.  

A sense of urgency

When Berner tried to find a set of weights, an exercise bike and a rowing machine for his garage gym, he found most were already sold out. Only by persisting was he able to get what he needed. He spent $3,000 on a mix of new and second-hand equipment.

“That involved everything from having alerts set on Kijiji … to having email alerts from stores so I would be notified as soon as they had things I wanted in stock,” said Berner, noting that he had to act fast before another buyer scooped them up. 

Now, as cases of COVID-19 surge across Canada, national fitness chains such as GoodLife Fitness and F45 Training remain open — with limited capacity. Even so, some gym members are unwilling to return to an environment where people breathe heavily and sweat. And the market for used goods is again red hot.

The most popular search terms on online seller Kijiji are still dumbbells, ellipticals and exercise bikes, said company’s manager of community relations, Kent Sikstrom.  

Second-hand Peloton Bikes have more than doubled since this time last year, while inquiries about elliptical machines are up 39 per cent and treadmills inquiries are up 15 per cent. 

Brother and sister team Devin and Gillian Montgomery, owners of Skiis and Biikes, a small Ontario sporting goods chain, say their stores are unusually busy for this time of year. (Submitted by Devin and Gillian Montgomery)

“Probably in the next couple of weeks we may see snow shoes, cross-country skis,  sleds, and snowboard begin to create a new trend for the season,” said Sikstrom. 

eBay Canada, which sells both new and used goods, is also reporting significant increases. Stair machines are up 230 per cent from this time last year, while treadmills sales are up 280 per cent, according to the head of the Canadian operation, Rob Bigler.

Gear not essential

“We’ve been super busy,” said Bigler. “It’s a great time to sell that treadmill that’s been sitting in your basement, maybe being used to hang up laundry.”

But Samantha Monpetit-Huynh, a fitness coach and trainer in Toronto, pointed out that a lot of gear isn’t essential to stay active and healthy.

Randy Alh, right, the owner of Calgary’s Abom Ski & Board, stands with customer Ken Dyer. Alsh has started a wait list for beginner cross-country ski packages because of the demand. (Submitted by Randy Ahl)

“People forget your body is probably the best piece of equipment you’ve got,” she said. “You don’t need all this stuff — you just need to move and you need to do it regularly. More than once a week.”

Monpetit-Huynh said it’s possible to use laundry detergent bottles or soup cans as weights, and go for walks or runs. However, she recently invested $3,000 in a brand-new Peloton exercise bicycle that allows her to join spinning classes remotely.

“I love going to the gym, but I thought, ‘You know what? I should get something because if we get a second wave I want to be prepared.'”

Berner said for him, there’s more to it than fitness.

“Exercise is crucial for my mental health,” he said. “I notice even if I go for a couple of days without exercise my mood starts to drop.”

Other Canadians who feel the same and haven’t yet made a plan would be well advised to start considering their options — or risk getting left out in the cold during a long pandemic winter.

Let’s block ads! (Why?)



Source link

Continue Reading

Business

Did you return from Teck mine in B.C.? Get tested and stay isolated, says N.L. government – CBC.ca

Published

on


The Teck coal mine in Elkford, B.C., has suffered an outbreak of COVID-19 and any workers who returned to Newfoundland and Labrador in the last 14 days are told to stay home and get tested.

That means every worker who came back on or after Sept. 14 must isolate away from their families, and stay at home for the full 14 days regardless of their test results.

The Department of Health and Community Services is also asking anyone who came back from the mine after Aug. 31 to get tested for COVID-19 out of an abundance of caution.

This is the fourth work site identified by the Newfoundland and Labrador government that has suffered an outbreak. Outbreaks at the Canadian Natural Albian oil sands site, the Syncrude Mildred Lake oil sands site, and the Suncor base plant site — all in Alberta — are still active.

The rules for rotational workers from Newfoundland and Labrador who travel outside the Atlantic Provinces do not apply to work sites that have active outbreaks. While others can leave isolation after a negative test result, workers from outbreak sites must remain isolated during their time at home.

Read more from CBC Newfoundland and Labrador

Let’s block ads! (Why?)



Source link

Continue Reading

Trending