Big Tech Gives Nasdaq Best Win Streak of 2020

The VIX logged its lowest close in over three months

Deputy Editor
May 11, 2020 at 4:28 PM
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It was a mixed bag of results on Wall Street today, with the Dow down over 200 points at its session lows but then breaking into the black briefly later in the day. The blue-chip index ultimately finished lower, succumbing to anxieties sparked by a potential resurgence in coronavirus cases as the economy begins to reopen.

The Nasdaq on the other hand saw notable gains for the day, notching its sixth consecutive win --its best winning streak since December 2019 -- on the back of a resurgent tech sector. The S&P, meanwhile, saw a marginal gain, while the Cboe Volatility Index (VIX) continued to distance itself from the 30 region, logging its lowest close since Feb. 26.

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

  • Amazon heads to the movies on AMC deal buzz. 
  • History says this volatile oil stock could turn higher. 
  • Plus, Marriott's earnings miss; Waste Management gets a price-target lift; and Sony sets new security measures. 

The Dow Jones Industrial Average (DJI - 24,221.99) lost 109.3 points, or 0.5% on Monday. Of the 12 stocks that ended in the black, Pfizer (PFE) was in the lead with a 2.4% pop, while American Express (AXP) fell to the bottom of the index with a 4.7% dip.

The S&P 500 Index (SPX - 2,930.19) added 0.4 point for the day. Meanwhile, the Nasdaq Composite (IXIC - 9,192.34) ended 71 points, or 0.8%, higher.

The Cboe Volatility Index (VIX - 27.57) fell 0.4 points, or 1.5%.

Closing Summary May 11.20

nyse nasdaq may 11.20

5 Items on Our Radar Today

  1. Kevin Washington, who serves as YMCA CEO, said he is seeking $60 billion in additional funds from federal lawmakers in order to save nonprofit organizations under the Save Organizations that Serve (SOS) America Act -- a legislation that also asks for nonprofits to qualify for funds in new Small Business Administration (SBA) loans. (CNBC)
  2. An order from U.S. President Donald Trump is requiring meat processing plants to remain open in order to protect the county's food supply, despite spiraling coronavirus cases and pandemic-related deaths among workers. Meanwhile, more and more meat is being exported from China, amid product shortages in the U.S. (Reuters)
  3. Hotel stock checks out after major earnings miss
  4. Waste Management gets a bull note from Stifel. 
  5. Unwrapping Sony's newest security measures overseas. 

Earnings May 11.20

Unusual Options May 11.20

Data courtesy of Trade-Alert

Oil Slips on Demand Concerns

Crude futures brushed off news that Saudi Arabia will continue to cut its June output, as investor anxiety over weakening demand looms large. June-dated crude lost 60 cents, or 2.4%, to settle at $24.14 a barrel. 

A strengthening dollar pushed gold futures lower today, with investors also keeping an eye on bubbling tensions between the U.S. and China. Gold for June delivery lost $15.90, or 0.9%, to settle at $1,698 an ounce.


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