After starting in the green, the major indices have reversed course on this quadruple witching Friday, The Dow has swung 600 points, and is now currently trading at 25, 887, down .74%. The S&P500 is down .5% to 3,100 and the Nasdaq is down slightly to 9,928 off .15%. 

News that Apple intends to temporarily close 11 of its stores in Arizona, Florida, North and South Carolina amid a rise in Covid 19 cases sent the markets decidedly lower. The news dovetailed comments from the WHO that, "the virus is still spreading fast; it's still deadly & most people are still susceptible."  The AAPL news is weighing on Technology. 

Apple is not alone in Covid 19 related announcements.  Members of the CLIA trade group, which represent some of the largest cruise companies such as Royal Caribbean (RCL), Carnival Corp. (CCL) and Norwegian Cruise Line (NCL), have further delayed their suspensions.  “Due to the ongoing situation within the U.S. related to COVID-19, CLIA member cruise lines have decided to voluntarily extend the period of suspended passenger operations,” stated the CLIA.  Adding, “It is increasingly clear that more time will be needed to resolve barriers to resumption in the United States.”

If that wasn’t enough news, Boston Fed President Rosengren said that the rebound in the 3^rd and 4^th quarter will probably not be as strong as hoped. 

Meanwhile, back at Boeing (BA), Curtis Ewbank, the whistleblower, sent a letter to the Senate committee stating the 737 Max design issues “must be fixed be fixed before the 737 Max is allowed to return to service.”  He stated that "Given the numerous other known flaws in the airframe, it will be just a matter of time before another flight crew is overwhelmed by a design flaw known to Boeing and further lives are senselessly lost" it isn’t enough to on fix the design flaws of Augmentation System.  

Ewbank indicated he has spoken with the FBI and that it would be considered it in the U.S. Department of Justice’s probe into the Max.  Boeing has reversed cross from the high of the day of $197.66 and is now trading at $188.85. 

Separately, Boeing (BA) announced that it has hired Michael D’Ambrose from ADM to be its HR Chief.

Industrials led in part by BA, is neck in neck with Financials as the worst performer in today’s trading. Healthcare is the lone sector of the 11 S&P 500 sectors in the green.

Even with the turn south, 52 new highs far outpace the new lows, and advancing volume is higher on the Nasdaq.

Wishing all the dad’s out there a very happy and healthy Father’s Day.  Enjoy and stay safe.