U.S. markets closed

US Indexes Close Lower Friday

The Dow Jones Industrial Average closed at 25,015.55 on Friday with a loss of 730.05 points or -2.84%. The S&P 500 closed at 3,009.05 for a loss of 74.71 points or -2.42%. The Nasdaq Composite closed at 9,757.22 for a loss of 259.78 points or -2.59%. The VIX Volatility Index was higher at 34.81 for a gain of 2.59 points or 8.04%.

For the week, the Nasdaq was down 1.90%, the S&P 500 was down 2.9% and the Dow Jones was down 3.3%. For the year, the Nasdaq has a gain of 8.74%, the S&P 500 is down 6.86% and the Dow Jones is down 12.34%.

Friday's market movers

Stocks sold off on Friday, ending the week with losses. A resurgence of coronavirus cases has been a risk factor for investors. Thursday showed a record 40,000 new positive cases. Texas has altered its reopening plans as it is one of the states seeing the most new cases.

In the S&P 500, financials led losses, with the sector down 4.28%. Federal Reserve stress test announcements sent stocks lower. The Fed released results and 2020 test requirements yesterday. It also announced a cap on banking dividends and a halting of stock buybacks.

In the political arena, the Trump administration submitted a briefing in favor of repealing the Affordable Care Act altogether. China has also threatened that the U.S. should not integrate new targeted measures against Hong Kong despite new security laws, with the phase one trade deal potentially at risk.

Economic reports affecting market trading included the following:

  • Personal income fell 4.2% in May and personal spending increased 8.2%.
  • The PCE Price Index increased 0.1% in May and 0.5% year over year.
  • The Core PCE Price Index increased 0.1% in May and 1% year over year.
  • The Michigan Consumer Sentiment Index improved to 78.1 in June from 72.3.
  • The Baker Hughes North American oil rig count decreased to 278 from 283.

In the S&P 100, the following stocks led losses:

  • Capital One (NYSE:COF) -8.82%
  • Goldman Sachs (NYSE:GS) -8.73%
  • Facebook (NASDAQ:FB) -8.43%
  • Wells Fargo (NYSE:WFC) -7.75%
  • Nike (NYSE:NKE) -7.39%
  • Bank of America (NYSE:BAC) -6.41%

Small-cap stocks

In small caps, the Russell 2000 closed at 1,378.78 for a loss of 34.53 points or -2.44%. The S&P 600 closed at 788.69 for a loss of 23.31 points or -2.87%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,614.31 for a loss of 223.15 points or -2.27%. The Dow Jones U.S. Small-Cap Value Index closed at 6,582.07 for a loss of 214.21 points or -3.15%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,719.32 for a loss of 34.72 points or -1.98%; the S&P 100 at 1,386.05 for a loss of 38.91 points or -2.73%; the Nasdaq 100 at 9,849.36 for a loss of 252.48 points or -2.50%; the Russell 3000 at 1,754.87 for a loss of 42.65 points or -2.37%; the Russell 1000 at 1,667.25 for a loss of 40.44 points or -2.37%; the Wilshire 5000 at 30,656.58 for a loss of 762.66 points or -2.43%; and the Dow Jones U.S. Select Dividend Index at 557.12 for a loss of 16.41 points or -2.86%.

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This article first appeared on GuruFocus.