All major indexes fell to close out the week
Despite coming out of the gate hot, the Dow has shaved off most of its earlier gains to trade slightly above breakeven.
The blue-chip, S&P 500, and Nasdaq Composite indexes all managed to mark modest wins for the day, but pulled back for the week. Driving the weekly drop was Thursday's drastic selloff, which presented stocks with their worst daily plunge since
mid-March, as a fears reignited toward a potential second wave of coronavirus. Also in digestion has been Wednesday's announcement by the Federal Reserve to keep interest rates steady through 2022 as the economy recovers.
Continue reading for more on today's market, including:
- This real estate stock is higher
ahead of earnings.
- Tesla's options pits are
bubbling with activity.
- Plus, why Party City is thriving; Sony revealed its newest PlayStation console; and PVH disappointed with earnings.
The Dow Jones Industrial Average (DJI - 25,605.54) tacked on 477.4 points, or 1.9% for the day. Boeing (BA) is back on top today, gaining 11.5%, while Walmart (WMT) paced the loser after it fell 2%. For the week, the Dow lost 5.6%.
Meanwhile, the S&P 500 Index (SPX - 3,041.31) rose 39.2 points, or 1.3%, and the Nasdaq Composite (IXIC - 9,588.81) added 96.1 points, or 1%. For the week, the indexes shed 4.8% and 2.2%, respectively.
Meanwhile, the Cboe Volatility Index (VIX - 36.09) fell 4.7 points, or 11.5%, for the day, and 47.2% for the week.
5 Items on Our Radar Today
- U.S. consumer sentiment rose to begin June, propped up by the
optimism surrounding the reopening of businesses and an increase in hiring; though it's noted that this optimism could be short-lived thanks to a second round of coronavirus fears. (Reuters)
- In May, for the first time since COVID-19 ravaged the economy,
the price of imported goods rose. This could signal some deflation ahead, though its contingent on the end of the pandemic. (MarketWatch)
- Party City curbs earnings miss.
- Sony stock powered up on latest console reveal.
- PVH's first-quarter losses triggers stock selloff.
Data courtesy of Trade-Alert
Crude Spirals for the Week
Not much changed for oil since yesterday, but black gold did end up with its first weekly fall since April, amid renewed fears surrounding COVID-19 cases. On the day, July-dated crude fell 8 cents, or 0.2%, to settle at $36.26 per barrel, and pulled
back 8.3% for the week.
Despite investors flocking to safe havens, the price of gold slid to close out the week. Aforementioned fears over an inevitable second wave of coronavirus cases only added to the already bleak economic outlook set by the Fed. Gold for August delivery
fell $2.50, or 0.1%, to settle at $1,737.30 per ounce on the day, but rose 3.2% for the week.