Wall Street Close: All the major indices are in the red as the Dow tanks 157 points

• Its been a mixed day on Wall Street as the sell of gathered momentum in the Dow. 
• Interestingly some of the hotel names performed well while VIX dropped again.

Index performance

The S&P 500 (0.04%) closed just above flat after a last-minute buying spree pushed the index into positive territory. The tech-heavy Nasdaq closed 0.33% higher and the Dow Jones was the laggard trading 0.15 lower on Thursday.

Most stocks traded in the red for most of the day on Thursday after more concerns about the potential rise in coronavirus cases still weighs on investors minds. Interestingly, The US President Donald Trump said the government would not enact a new round of restrictions if the situation worsened.

There was also some data to digest this afternoon as the US labour department reported a rise of  USD 1.508 million claims for the week ended Jun. 15, this was above the analyst consensus of USD 1.3 million.

Lastly on the data front, the latest Philly Fed manufacturing print for June which beat analyst forecasts of -23 to hit the 27.3 mark. Earlier in the EU session where another positive story from China where the CDC said they have the Beijing outbreak under control. Stocks shot higher but it was short lived.

Occidental Petroleum, Marathon Petroleum and Apache all performed well. Cruise company Carnival struggled after the company reported a record USD 4.4 billion quarterly loss after pandemic-related write-downs.

Spotify share price

Spotify shares hit the roof today after the company announced a deal with DC and Warner Bros. to develop podcasts. The company said that it’s the first deal involving the intellectual property of the entire DC comics universe, which includes the Superman, Wonder Woman, Batman, The Joker and Harley Quinn franchises. The streaming company also recently secured one of the worlds most listened podcast as Joe Rogan announced his move to Spotify from YouTube.  Kim Kardashian also revealed she would be producing a podcast on the streaming network and the spending spree look like its not stopping there are the company says it would like to acquire the sports media and entertainment company, Ringer. Shares were up more than 12% reaching a high of USD 229.54 per share.

S&P 500 daily chart

The S&P 500 chart below shows the price has still now broken back above the trendline it broke out of last week. This is still a textbook break and retest and could have bearish implications. The key level on the downside remains at 2936.50 as if it breaks a lower high lower low pattern would be created. Lying in wait is still the 55 and 200 moving averages which could prove to be sticky. The Relative Strength Index indicator is still pointing lower but the MACD is mixed as the signal lines are above the midpoint but the histogram is red so no real help from the mixed signals there.

Additional levels