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Nasdaq wins as Dow, S&P fall in volatile end to week

Jonathan Garber

U.S. equity markets experienced a dose of volatility on Friday after Federal Reserve Vice Chair Richard Clarida told FOX Business that there is more policymakers can do and will do.

This as investors digested Apple's announcement that it was reclosing some stores in parts of Arizona, Florida, North Carolina and South Carolina because of a resurgence in COVID-19 cases. The stock fell in reaction.

Even so, the Nasdaq posted another winning session, albeit modest, as Amazon hit a fresh record. The Dow Jones Industrial Average fell 208 points, or 0.80 percent, while the S&P 500 shed 0.56 percent.

Additionally, Friday was also quadruple witching day, meaning stock index futures, stock index options, stock options and single stock futures all expired creating a choppy session.

The major averages had posted increases earlier in the session after a Bloomberg report said China is ready to increase purchases of U.S. farm products in order to meet the requirements of its phase-one trade deal.

Looking at stocks, casino operators were on the move after Penn National Gaming resumed operations at several locations; it has now reopened 31 of 40 properties. Sports continue to slowly come back, with the Belmont Stakes horse race set for Saturday. Typically the third leg of the Triple Crown, it's coming first this year after the Kentucky Derby and the Preakness Stakes were delayed.

WHAT IS QUADRUPLE WITCHING?

DraftKings priced shares of its upsized common stock offering at $40 apiece. The sale will include 16 million shares from the company and 24 million from earlier investors.

Meanwhile, airlines, cruise operators, hotels and other travel-related names remained in focus as New York City is scheduled to begin Phase 2 of its reopening plan on Monday.

Elsewhere, movie-theater chain AMC Entertainment announced plans to reopen about 450 U.S. locations on July 15, and will use a four-phase reopening strategy with the hopes of returning to full seating capacity around Thanksgiving.

Marathon Oil Corp. has held talks with Canadian convenience-store chain Alimentation Couche-Tard and others regarding the sale of its Speedway gas stations, according to The Wall Street Journal.

On the earnings front, gunmaker Smith & Wesson reported better-than-expected profit and revenue, but said sales of non-firearm outdoor products were hampered by the COVID-19 pandemic. The company’s spinoff of its American Outdoor Brands is on track to be completed in August.

West Texas Intermediate crude oil rallied for the week over 9.6 percent to $39.75 per barrel and gold rallied 0.96 percent ending at $1,745.90 an ounce.

U.S. Treasurys were little changed with the yield on the 10-year note holding at 0.696 percent.

Britain's FTSE led the way higher in Europe, up 1.1 percent, while France's CAC and Germany’s DAX advanced 0.42 percent and 0.4 percent, respectively.

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In Asia, China’s Shanghai Composite added 0.96 percent, Hong Kong’s Hang Seng climbed 0.73 percent and Japan’s Nikkei gained 0.55 percent.

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