The Dow slipped almost 200 points in late-day trading
After a tepid day of trading, the Dow wound up closing over 200 points below breakeven, as investors weighed the good -- a potential reopening of the U.S. economy -- with the bad -- dismal private-sector payrolls data and a lackluster post-earnings reaction from Disney (DIS). The S&P 500 joined the Dow in the red, while Nasdaq wound up with a modest win, as big tech continued to shine. Receding oil prices were also on Wall Street's radar, snapping a five-day win streak.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 23,664.64) lost 218.5 points, or 0.9% on Wednesday. Nike (NKE) lead the six gainers on a 1.4% pop, while Dow Inc (DOW) fell to the bottom of the 23 losers with a 4.2% drop. Pfizer (PFE) finished flat for the day.
The S&P 500 Index (SPX - 2,848.42) lost 20 points, or 0.7% for the day. Meanwhile, the Nasdaq Composite (IXIC - 8,854.39) ended 45.3 points, or 0.5%, higher.
The Cboe Volatility Index (VIX - 34.1) added 0.5 points, or 1.5%.
5 Items on Our Radar Today
- The National Football League (NFL) announced its ticket refund policy today in the wake of the coronavirus outbreak. Refunds for all teams will be issued should games have to be cancelled or played in an empty stadium. (CNBC)
- New York Governor Andrew Cuomo enlisted former chief executive of Google Inc. and Novell Inc. Eric Schmidt to "re-imagine" what the state will look like after the COVID-19 crisis. Schmidt, in a brief statement, said he would focus on issues such as telehealth, remote education, and the expansion of broadband access. (MarketWatch)
- Analysts weigh in on one REIT's earnings results.
- Papa John's stock flops after a revenue miss.
- Why bulls are zeroing in on Beyond Meat stock.
Data courtesy of Trade-Alert
Oil Snaps Win Streak, Gold Keeps Sliding
Crude futures pivoted lower today, snapping a five-day winning streak. Tightening oil-storage capacity spooked traders, overshadowing a smaller-than-expected rise in weekly crude inventories and a decline in domestic production. June-dated crude fell 57 cents, or 2.3%, to settle at $23.99 a barrel.
Strength in the U.S. dollar and easing lockdown measures turned gold futures lower on Wednesday. Gold for June delivery fell $22.10, or 1.3%, to settle at $1,688.50 an ounce.