The blue-chip index skidded into the close at its session lows
Yesterday's broad-market optimism was short-lived, as the Dow plodded through a day in the red before bottoming out with a 390 point drop at the close. Weighing on the blue-chip index were corporate reports from Home Depot (HD) -- which suffered an earnings miss -- and Walmart (WMT), which initially surged after its first-quarter report before pivoting lower later in the day. Despite positive comments from U.S. officials and Fed Chair Powell, the S&P 500 finished in the red as well, while Nasdaq gave up gains in the final minutes of trading to snap its three-day win streak.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 24,206.86) lost 390.5 points, or 1.6% today. Just three index members finished higher, with Intel (INTC) in the lead on a 0.6% win, while Boeing (BA) dropped to the bottom of the 27 losers on a 3.7% plummet.
The S&P 500 Index (SPX - 2,922.94) shed 31 points for the day, or 1.1%, while the Nasdaq Composite (IXIC - 9,185.10) ended 49.7 points, or 0.5%, lower.
The Cboe Volatility Index (VIX - 30.53) tacked on 1.2 points, or 4.2%.
5 Items on Our Radar Today
- The Food and Drug Administration (FDA) appears to have softened its stance on taking the anti-malaria drug hydroxychloroquine for COVID-19 outside of a hospital, after last month's warning that it can pose a risk of serious heart rhythm problems. This comes just one day after U.S. President Donald Trump disclosed he has been taking it daily for over a week to prevent infection. (CNBC)
- According to data from the Mortgage Bankers Association, over 4.1 million U.S. homeowners are currently in forbearance as of May 10, making up 8.2% of all mortgages. This number is up from the 7.9% of homeowners in forbearance last week, though this is the smallest increase since March. (MarketWatch)
- The airline stock taking off as reservations rise.
- Why Guggenheim is backing away from this big broadcasting stock.
- One auto stock shaking off an earnings an revenue miss today.
Data courtesy of Trade-Alert
Oil Contracts Expire Higher; Gold Gets Boost on Economic Optimism
Contracting supply and improved demand gave oil futures another boost today, after the black gold explored both sides of the breakeven. June-dated crude, which expired at the end of today's session, added 68 cents, or 2.1%, to settle at $32.50 a barrel.
Gold futures recouped some of yesterday's losses, given a boost by Fed Chair Jerome Powell's apparent willingness to keep propping up the downtrodden U.S. economy. Gold for June delivery settled $11.20, or 0.7% higher to $1,734.40 an ounce.