Stock Market's Rocky Start to May

Gold futures ended this week lower

Assistant Editor
May 1, 2020 at 4:40 PM
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The Dow marked the first day of May with a 622-point loss. The S&P 500 and Nasdaq also closed in the red, as tech giant Amazon.com (AMZN) led the indexes downward, following a less-than-stellar first-quarter earnings report. Meanwhile, U.S. President Donald Trump's tariff consideration is weighing heavy, after White House economic advisor Larry Kudlow stated that China "will be held accountable for coronavirus." All three major index's logged weekly deficits.

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

  • Biotech makes waves with coronavirus test data.
  • FAANG stock drops after an earnings miss.
  • Plus, the collab for potential coronavirus treatment; one oil company's quarterly report; and which makeup name just earned a bull note. 

The Dow Jones Industrial Average (DJI - 23,723.69) fell 622 points, or 2.6% for the day, and dropped 0.2% for the week. Walmart (WMT) was the only gainer, marking a 3.1% win. On the flip side, Dow (DOW) finished at the bottom with a 7.5% loss.

The S&P 500 Index (SPX - 2,830.71) lost 81.7, or 2.8% for the day, and 0.2% for the week. Meanwhile, the Nasdaq Composite (IXIC - 8,604.95) dropped 284.6 points, or 3.2% for the day, and 0.4% for the week.

The Cboe Volatility Index (VIX - 37.19) rose 3 points, or 8.9% for the day, and 3.5% on the week.

Closing Index Summary May 1

NYSE and Nasdaq Stat May 1

5 Items on Our Radar Today

  1. U.S. President Donald Trump's executive order to keep the meat industry open earlier this week now raises questions surrounding meat exports to China. (CNBC)
  2. Texas and Ohio joined the slew of U.S. states reopening their economies. A variety of strategies are coming forth for states as White house guidelines expire. (Reuters)
  3. Moderna's potential vaccine making moves. 
  4. Analysts bullish on this oil stock as industry finds a potential bottom. 
  5. Why Estee Lauder stock dropped despite upbeat quarterly report. 

Earnings May 1

Unusual Options Activity May 1

Data courtesy of Trade-Alert

Oil, Gold Finished the Day Higher

Oil futures marked their second straight gain as cuts to production continue. June-dated crude rose 94 cents, or 5%, to settle at $19.78 a barrel. For the week, oil logged at 16.8% rise. 

Gold futures finished higher today for the first time in five sessions, closing back above the notable $1,700 mark after a sudden increase in demand. Gold for June delivery rose $6.70, or 0.4%, to settle at $1,700.90 an ounce. For the week, however, gold fell 2%. 

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