Weak payrolls data sent stocks spiraling today
The Dow closed down 360 points, continuing its losses from midday, lead by more than 4% drops by American Express (AXP), United Health (UTX), and newly merged United Technologies and Raytheon's, Raytheon Technologies (now trading under RTX). A substantial surge in coronavirus-related deaths in New York as well as disappointing payrolls data fueled the fall, also dragging the S&P 500 and Nasdaq deep into the red. As uncertainty continues, Nuveen's Chief Investment Strategist Brian Nick says, "this still feels like something we're heading into, not heading out of." And while May-dated crude futures surged to their best week on record, all three major indexes locked in their third loss in four weeks.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 21,052.53) finished 360.9 points, or 1.7%, lower for the day. Pfizer (PFE) topped the charts with a 2.3% win, while Raytheon Technologies finished at the bottom with a 7.7% loss. For the week, the blue-chip index shed 2.7%
The S&P 500 Index (SPX - 2,488.65) fell 38.3 points points, or 1.5%, while the Nasdaq Composite (IXIC - 7,373.08) lost 114.2 points, or 1.5% for the day. For the week, the indexes fell 2.1% and 1.7%, respectively.
The Cboe Volatility Index (VIX - 46.80) fell 4 points, or 7.8%. The VIX shed 29% for the week.
5 Items on Our Radar Today
- Despite the coronavirus pandemic "shutting down" a majority of the globe, NASA and SpaceX are sticking to plans to launch astronauts into space in May. The "Demo-2" mission will have the first pair of astronauts launching from the U.S. since the end of the space shuttle program in 2011. (CNBC)
- The retail industry lost an estimated 46,200 jobs to furloughs and layoffs, but according to the National Retail Federation, the drop in retail workforce could reach over six million by May. (MarketWatch)
- White House ordered this mask maker to ramp up production.
- Netlfix may be the stock to grab this quarter.
- Analysts remain bullish on this FAANG stock despite store closings.
Data courtesy of Trade-Alert
Oil Marks Best Week Ever
Oil prices extended their Thursday rally under hopes that major oil producers will cut production levels in efforts to smooth over COVID-19 headwinds. May-dated futures rose $3.02, or 11.9%, to settle at $28.34 a barrel for the day. For the week, oil climbed roughly 31.8%, marking its best on record.
Gold ended higher today as U.S. payrolls data weighed heavy. Gold for June delivery rose $8, or 0.5%, to settle at $1,645.70 per ounce. Despite today's surge, gold ended 0.5% lower the week.