Stock futures fall slightly, continuing volatile week on Wall Street

, stocks traded most of the day around the flatline until a report raised concerns about previously publicized trial results for Moderna's potential coronavirus vaccine. Banks and retailers weighed down the major averages. The Dow Jones Industrial Average lost 390 points. The S&P 500 also registered a loss, dropping 1.05%.

"Underlying performance was odd," said Jim Paulsen, chief investment strategist at the Leuthold Group. "We had the traditional give-backs from energy and financials. But all of the defensive sectors — utilities, consumer staples, real estate and health care — declined by 1.2% to 1.85%. Finally, Tech and Comms had another great day in a down market reinforcing their recent character of being a defensive stock market play.

Treasury Secretary Steven Mnuchin said Tuesday the Treasury and the Federal Reserve are "fully prepared to take losses" on the remaining capital from the coronavirus bailouts. Mnuchin said before the Senate Banking Committee he is prepared to distribute the entire $500 billion appropriated to help struggling businesses impacted by the coronavirus pandemic.

"The overall stock market gave back only a small part of its monster gain from [Monday] which really was encouraging being bolstered most of the day by the prospect of a period ahead of 'better news,' added Paulsen. "With re-openings now the vogue about the country, it seems almost assured that fundamental economic and earnings reports are headed for a period of improvement.

The volatility today was caused by a fake news report that came out at 330 on the Moderna vaccine. CNBC reported it and helped tank the market. Somebody made some money on the bullshit report.

By Dec we’re going to be at: - Dow 35,000 - S&P 4,000 - NASDAQ 13,000 - Russell 1,800 Despite COVID, 20% unemployment, and the weakest global economy since the Great Depression.

It is irresponsible to compare a temporary virus with the Great Depression. Study other charts like the Spanish Flu, HIV, or SARS. Virus are not eternal like you seem to imply with so much apocalyptic fear ignoring today's ingenuity and technology.

Ya think.

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