BOE Asset Purchase Program Bank Of England Stress Tests

Commenting on BOE’s asset purchase program expansion and today’s trading at mid day, Gorilla Trades strategist Ken Berman said:

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Q1 2020 hedge fund letters, conferences and more

The major indices are virtually unchanged at midday following another nervous and choppy morning session on Wall Street. The main overseas markets were under pressure overnight due to the record number of new COVID infections, due to the broad weakness in the most lockdown-sensitive sectors in Europe. The Bank of England (BOE) expanded its asset purchase program by $125 billion, but analysts expected a bigger increase and since the BOE’s monetary statement was also surprisingly hawkish, risk assets lost ground in the wake of the announcements.

We got a mixed bag of economic releases this morning, as even though the weekly number of new jobless claims was higher-than-expected, the Philly Fed Index blew away the consensus estimate of -23, coming in at 27.5, and the CB Leading Index also beat expectations with a reading of 2.8% The number of continuing claims edged lower but with this week’s 1.5 million, now almost 46 million people filed claims since the start of the pandemic, the outlook for the job market remains risky.

Market Wrap

Dow: 26,199, + 31 or 0.1%

S&P 500: 3,116, + 2 or 0.1%

Nasdaq: 9,946, + 32 or 0.3%

Russell 2000: 1,436, + 9 or 0.6%

Market breadth has improved compared to yesterday, thanks to the late-morning bounce, with advancing issues outnumbering decliners by a 5-to-4 ratio on the NYSE. No stocks hit new 52-week lows on the NYSE and the Nasdaq, while 51 stocks hit new 52-week highs. The major indices have been hovering around their daily VWAPs (Volume-Weighted Average Price) throughout the morning session, pointing to a mixed and choppy afternoon. The key cyclical sectors bounced back today in early trading following yesterday’s pullback while tech stocks remained strong, but all in all the market have been relatively quiet again, and volatility remains muted. Stay tuned!

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