The major indices are at session lows an hour before the close as U.S. President Trump has announced that stimulus talks with the Democrats will be postponed until after the election. With only one of the major 11 sectors that make up the S&P 500 holding onto its gains (Utilities), I want to focus on the hardest-hit sector of this selloff; the Communication Sector.
Currently trading down -1.60% on the day, the Communication sector is the punching bag for this intraday selloff. No need to panic, for there are some positive outliers still holding onto their daily gains from earlier this session.
Communication Standout:
While communication stocks trading OTC are a mixed bag right now, I’d like to highlight a company that has been able to hold on during this rocky day.
TPT Global Tech, Inc. (OTCQB:TPTW), which has its hand in the telecommunications sector, made headlines later in the trading session as the company announced that its subsidiary (TPT MedTech, LLC) completed the QuickLAb and SaniWUIK product training and that its products are officially launched on their website.
Traders grabbed up shares making the price climb up to $0.054/share (+6.9%) as the stock attempts to reverse a two month intermediate down trend, trying to get back to the bull run it had from June to mid-August.