A sell-off in the biggest Technology Stocks yesterday afternoon saw the U.S Indices break a four-day winning streak to post their lowest close in over a week in what turned out to be an extremely volatile trading session. The NASDAQ 100 was the biggest percentage loser, closing 2.70% lower with Apple -5% and Microsoft-4% leading the sell-off. U.S Jobless Claims rose yesterday for the first time since March which is the clearest sign yet that the increase in Coronavirus cases is impacting the economic recovery. Initial Claims increased to 1.42 million, an increase of 109,000 from last week. This uptick in Claims comes as Congress tries to agree on a fifth Stimulus Package, making this agreement more likely. Congress has a two-week window to come up with an agreement ahead of the summer recess. Not helping the mood was comments from Dr Mike Ryan (who is head of the Emergencies Programme at the WHO) saying that a usable COVID-19 Vaccine should not be expected until the beginning of 2021. The VIX closed 7.25% higher at 26.08. Elsewhere, U.S Treasuries weakened to 0.58% while the Dollar fell for the fifth consecutive trading session as Crude slumped. The weak Dollar saw both Gold and Silver hit multi-year highs. Overnight the Chinese Equity Markets fell over 3% and this is putting pressure on European Indices on the open with the EuroStoxx opening 1.3% lower.
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