Stock Market Loses Steam, Finishes Day in Red

Major indexes dropped before the close

Deputy Editor

Apr 7, 2020 at 4:37 PM

The Dow inched its way into the red within the last half-hour of trading, paring earlier gains triggered by an upbeat coronavirus outlook and a surge in cruise stocks. "We are seeing progress, but the virus is not under control yet," said Adam Phillips, director of portfolio strategy at EP Wealth Advisors. Also in focus is the potential of a Phase 4 relief package from lawmakers, worth up to $1 trillion to help aid the economy in May.The S&P and Nasdaq also pulled back for modest losses.

Continue reading for more on today's market, including:

FAANG stock higher on headline-heavy day.
Founder & CEO Bernie Schaeffer digs into Microsoft stock's recent chart activity.
Plus, AT&T's interesting options turnaround; Autozone takes new precautions; and SHOP stock succumbs to downgrade.

The Dow Jones Industrial Average (DJI - 22,653.86) fell 26.1 points, or 0.1% lower for the day. Dow (DOW) topped the charts with an 6% win, while Boeing (BA) finished at the bottom, despite yesterday's surge, with a 4.8% loss.

The S&P 500 Index (SPX - 2,659.41) lost 4.3 points, or 0.2%, while the Nasdaq Composite (IXIC - 7,887.26) fell 26 points, or 0.3% for the day.

The Cboe Volatility Index (VIX - 46.70) gained 1.5 points, or 3.3%.

Closing Index Summary April 7

NYSE and Nasdaq Stats April 7

5 Items on Our Radar Today

Treasury Secretary Steven Mnuchin is looking to secure $250 billion more for the small business program, with the senate vote planned for Thursday, April 9. (CNBC)
Goldman Sachs (GS) expects more market volatility, and less buying support on declines in prices. Based on data provided by the broker's portfolio strategy team, they expect overall stock repurchase activity to be cut in half in 2020. (MarketWatch)
AT&T boosted on billion-dollar loan.
AutoZone announces new COVID-19 precautions.
SHOP stock lower amid analyst beat-down.

Unusual Options Activity April 7

Data courtesy of Trade-Alert

Gold and Oil Finish Lower

Oil dropped today after the Energy Information Administration (EIA) lowered its 2020 price forecasts. May-dated futures fell $2.45, or 9.4%, to settle at $23.63 a barrel.

Despite earlier topping $1,700 for the first time since 2012, Gold ended lower after a short-squeeze from Monday's gains turned into a loss on a near-term basis. Gold for June delivery declined $10.20, or 0.6%, to settle at 1,683.70 per ounce.

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