27.04.2020 S&P 500 Daily Analysis

27.04.2020 S&P 500 Daily Analysis

S&P 500 is trading at $2,836.74 (+1.39%) as investors hope that the economy will re-open soon. In the US, they are working on the wider availability of Covid-19 tests and drug trials for the treatment of Covid-19. New York Governor, Andrew Cuomo spoke about reopening the state in phases and that the number of new coronavirus cases had reduced in New York. Since New York was the most hard-hit state, this news left investors optimistic.  Marc Chaikin, CEO of Chaikin Analytics said,  “As various states begin to reopen their economies and relax social distancing rules, we will get a glimpse of what the new normal looks like. The biggest risk to the stock market is a premature reopening of the U.S. economy which results in an increase in COVID-19 cases and requires an abrupt reversal of these efforts to awaken the economy out of its engineered coma.” Quite a few S&P 500 companies such as Apple, Microsoft, Amazon, Facebook, and Caterpillar are set to release their earnings reports this week.