|Day's Range||3,008.25 - 3,039.00|
Stocks fell Friday morning, extending losses from the regular session Thursday as investors eyed renewed tensions between the U.S. and China.
Top news and what to watch in the markets on Friday, May 29, 2020.
Stocks were mixed Thursday amid new developments that could raise tensions between the U.S. and China, and a deluge of new economic data, much of which was still consistent with a contraction but at least signaled some stabilization after an initial slump in activity.
Stocks rose Wednesday and pushed passed earlier concerns over increasingly tense U.S.-China relations, which had sent the S&P 500 and Nasdaq into negative territory earlier in the session.
Top news and what to watch in the markets on Tuesday, May 26, 2020.
Stocks edged down Friday morning as ongoing signs of the economic damage from the coronavirus pandemic compounded with fears of rising U.S.-China tensions. A slew of quarterly corporate earnings results came in mixed.
U.S. stock-index futures edged lower in thin trade Thursday night as investors looked ahead to the final trading session of the week before a three-day weekend in the U.S. Futures for the Dow Jones Industrial Average were down 46 points, or 0.4%, at 24,474, those for the S&P 500 index declined 0.3%, at 2,928.75, while Nasdaq-100 future gave up 0.3% at 9,331.50. Markets in the U.S. will be closed on Monday for Memorial Day and the bond market will close an hour early at 2 p.m. Eastern Time on Friday and remain closed until Tuesday. The week has been fraught with worries about U.S.-China relations which have deteriorated in recent weeks as the Trump administration blames Beijing for mishandling the COVID-19 pandemic that was first identified in Wuhan back in December. Legislators in Washington also approved a bill aimed at censuring China's move to impose new national-security laws on Hong Kong. On Wednesday, the Senate, separately, passed legislation that could have the effect of banning Chinese companies from listing on U.S. exchanges. All of these actions have been mostly dismissed by investors but could renew Sino-American animosities. Still, the main equity benchmarks have gained for the week with returns pegged to optimism surrounding state reopenings. Indeed, Universal Orlando executive John Sprouls asked Orange County Mayor Jerry Demings for approval to open the company's theme parks as early as June 5, the Orlando Sentinel reported. Expectations that a remedy for the illness, which has infected more than 5 million people and claimed 330,000 lives, according to data compiled by Johns Hopkins University, also have buoyed assets perceived as risky. For the week, the Dow has climbed 3.3%, the S&P 500 has returned 3% and the Nasdaq Composite Index has risen 3%, as of Thursday's regular close of trade. The big question may be whether investors are willing to buy assets into an extended holiday weekend.
U.S. stock-index futures on Friday hold losses after a report on those seeking unemployment benefits rise to 2.438 million for the week ended May 16, on an adjusted basis, according to the Labor Department. On an unadjusted basis the figure of those unemployed for the week is 4.4 million. Futures for the Dow Jones Industrial Average 66 points, or 0.3%, at 24,455, those for the S&P 500 index were off 0.3% at 2,960, while Nasdaq-100 futures retreated 0.3% at 9,471. The labor market data for the week likely brings the total job losses since the beginning of the COVID-19 crisis to nearly 40 million.
U.S. stock-index futures were trading lower Wednesday night after stocks closed out the regular session with sharp gains, making up some lost ground after a late-session pullback Tuesday. A weekly report on Thursday is expected to show that some 2.35 million people sought unemployment benefits in the week ended May 16, likely bringing the total number of Americans out of work during the COVID-19 pandemic to nearly 40 million on a seasonally adjusted basis. That's about one out of every five workers in the labor force. To be sure, the weekly figure represents a deceleration of the recent unsightly trend of job losses, but may still be a sobering reminder of the toll the viral pandemic has exerted on the U.S. economy over the past few months. Futures for the Dow Jones Industrial Average were off 178 points, or 0.7%, at 24,344, those for the S&P 500 index were trading 0.7% lower at 2,948, while Nasdaq-100 futures declined by about 0.5% at 9,439. During the regular session Wednesday, the Dow advanced 369.04 points, or 1.5%, to finish at 24,575.90. The S&P 500 climbed 48.67 points, or 1.7%, to end at 2,971.61, its highest close since March 6, according to Dow Jones Market Data, while the Nasdaq Composite rose 190.67 points, or 2.1%, closing at 9,375.78, representing its highest finish since Feb. 21. In corporate news after-hours, Macy's Inc. said it has appointed Felicia Williams as its interim chief financial officer, effective June 1. Retailer L Brands Inc. reported a wider-than-expected loss in the first quarter and said it remained "committed" to spinning off its Bath & Body Works business. Meanwhile, Aurora Cannabis Inc. it was acquiring U.S. company Reliva LLC for roughly $40 million in an all-stock deal.
U.S. stock-index futures added to gains Monday morning, with the market for risk assets gathering additional momentum from a report of success in a vaccine for the COVID=19 pandemic. Futures for the Dow Jones Industrial Average were up 614 points, or 2.6%, at 24,134, those for the S&P 500 index were up 2.5% at 2,916, while Nasdaq-100 futures advanced 2% at 9,276. The rally for the benchmark futures accelerated after a report on a phase one human trial for a coronavirus vaccine produced by Moderna Inc. showed the production of antibodies to the virus in all of its 45 participants involved in the study.CNBC reported that participants in the trial received two doses of the potential vaccine via intramuscular injection in the upper arm approximately 28 days apart. "These interim Phase 1 data, while early, demonstrate that vaccination with mRNA-1273 elicits an immune response of the magnitude caused by natural infection starting with a dose as low as 25 µg," Tal Zaks, Moderna's chief medical officer, said in s statement. Bloomberg reported that the study is being conducted with the U.S. government, noting that Moderna will expand the trial.
Top news and what to watch in the markets on Monday, May 18, 2020.
Stocks cut gains from the pre-market session and opened lower Wednesday, as traders eyed commentary from Federal Reserve Chair Jerome Powell.
The Stifel strategist who predicted April’s market rally says the best strategy right now is to be like the Road Runner: “Step out of the way and let anvil hit Wile E. Coyote — the economy. And then after that, the Fed will act and then you can move on, if you're the investor.”
Powell said in prepared remarks Wednesday that the depth and length of a recession can “leave behind lasting damage," suggesting that those inside the Fed see slim chances of a V-shaped recovery.
Stocks erased earlier gains and traded lower Tuesday, as investors continued to eye states’ reopening plans and mulled recent corporate earnings results. Market participants also eyed the start of the Federal Reserve’s program to purchase corporate debt exchange-traded funds, which kicks off Tuesday.