Stocks Turn in Weekly Losses Amid COVID-19 Boom

Stocks fell dramatically to end the week, thanks to the concerning increase of COVID-19 cases in the U.S. The Dow lost over 700 points, amid hindered economic recovery measures as certain states took action to combat the most recent surge. Most notably, Texas halted some of its reopening plans as hospitalizations spike at an alarming rate. Elsewhere, Florida suspended the "on premises consumption" of alcohol at bars after nearly 9,000 new cases were reported. Meanwhile, the S&P 500 and Nasdaq Composite fell of as well, leading to a nearly 2% or more weekly loss for each of the major indexes.

• SPCE stalls despite promising test flight.
• Gap stock soars on Kanye West deal.
• Plus, BIG's revised forecast; Harley-Davidson announced job cuts; and new F-150s are coming soon.

The Dow Jones Industrial Average (DJI - 25,015.41) fell 730.2 points, or 2.8% for the day, and 3.3% for the week. Cisco Systems (CSCO) was the only Dow component that turned in a win today, rising 2.4%. Meanwhile, Goldman Sachs (GS) fell 8.6%.

Meanwhile, the S&P 500 Index (SPX - 3,009.05) tumbled 74.7 points, or 2.4%, and the Nasdaq Composite (IXIC - 9,757.22) dropped 259.8 points, or 2.6%. The indexes were off 2.9% and 1.9%, respectively, for the week.

Meanwhile, the Cboe Volatility Index (VIX - 34.73) gained 2.5 points, or 7.8%, for the day, and shed 1.1% for the week.

5 Items on Our Radar Today

1. According to White House health adviser Dr. Anthony Fauci, the mounting coronavirus cases across the American South and West will result in one big data point: more deaths. Death currently lags other data points such as hospitalizations and infection rates. (CNBC)
2. In its first increase since the coronavirus pandemic made an impact on the U.S. economy, consumer spending rose a record 8.2% in May; however, fading government stimulus payments, high unemployment, and additional virus cases seem likely to cap further gains. (MarketWatch)
3. Big Lots stock was boosted after revising its second-quarter outlook.
4. HOG pumped the brakes after announcing it will cut 140 jobs.
5. Ford unveiled new versions of its F-150.

Data courtesy of Trade-Alert

Oil and Gold Fall to Closeout the Week

Oil's earlier gains were dashed, as investors remain concerned regarding rising coronavirus cases in the U.S. and China, as well as expectations of U.S. crude output versus record-high stockpile levels. As a result, August-dated crude lost 23 cents, or 0.6%, to settle at $38.49 per barrel for the day, and 3.4% for the week.

Gold prices rose, as the U.S. dollar scuffed bullion amid rising COVID-19 infections. Gains were minimal, however, as eased central bank policies diminished concerns surrounding inflation. At last check, gold for August delivery added $9.70, or 0.6%, to settle at $1,780.30 per ounce on the day, and 1.6% for the week.