The week began on a positive note with the major indices rising significantly, suggesting investor optimism over the economy reopening. However, as the week progressed, concerns over new coronavirus cases in some parts of the country dampened this positive spirit and triggered sharp sell-off especially in travel and leisure stocks. By the end of the week, stocks closed in positive territory but recorded their worst weekly decline amid fears of a second wave of COVID-19 infections and uncertainties regarding a speedy economic recovery.
Monday, June 8, 2020
The Dow and Nasdaq rose more than 1% during Monday’s session, while the S & P 500 closed within 5% of its record close from February 19. The energy stocks led, and the price of crude oil (over $38 per barrel) moved higher over the past month, after hitting a record low in April. Hopes of the economy reopening spurred the shares of airlines, travel, and leisure stocks. American Airlines (AAL) shares that had already witnessed a 77% rise last week advanced another 9% on Monday. Boeing (BA) led advances in the Dow. The Nasdaq Composite rose above its February 19 position, following a surprisingly strong May jobs report that triggered a stock rally. Crude oil fell by $1.35 (-3.41%) to $38.20 a barrel.
S&P 500 (GSPC): +38.46 (+1.20%) to 3,232.39
Dow (DJI): +461.46 (+1.70%) to 27,572.44
Nasdaq (IXIC): +110.66 (+1.13%) to 9,924.75
Tuesday, June 9, 2020
The Nasdaq added to Monday’s gains, hit a record high after briefly breaking above 10, 000. The S&P 500 and Dow declined. Tuesday witnessed the energy, financials, and industrials sectors underperforming. Facebook, Amazon, Apple, and Netflix shares were up more than 2% intraday Tuesday, which brought Nasdaq into positive territory. Crude oil traded at $38.78 a barrel, rising +$0.59 (+1.54%). Strong performance on the part of newly public companies such as Nikola (NKLA) (rose by 8.8% after doubling on Monday) the Tesla (TSLA) competitor, heralded rising investor optimism for equities with the hopes of the economy getting back to normal. Vroom (VRM), the online auto-selling platform closed at more than double their IPO level.
S&P 500 (GSPC): -25.21 (-0.78%) to 3,207.18
Dow (DJI): -300.14 (-1.09%) to 27,272.30
Nasdaq (IXIC): +29.01 (+0.29%) to 9,953.75
Wednesday, June 10, 2020
The Dow and S&P 500 both closed lower for a second consecutive day. With the technology stocks leading once again, the Nasdaq closed slightly higher. Big-tech FAANG names gained, with Amazon (AMZN), Apple (AAPL), and Microsoft (MSFT) posting record closing highs. Netflix (NFLX) also emerged as a big winner, which contributed to the NASDAQ gains. Airlines, leisure and cruise stocks sank on Wednesday. Crude oil rose by 0.36% to $39.08 a barrel. The Federal Open Market Committee members announced their unanimous decision to keep benchmark interest rates on hold near zero. They noted that the coronavirus pandemic posed considerable risks to the economic outlook over the medium term. Investors had expected this decision.
S&P 500 (GSPC): -17.04 (-0.53%) to 3,190.14
Dow (DJI): -282.31(-1.04%) to 26, 989.99
Nasdaq (IXIC): +66.59 (+0.67%) to 10, 020.35
Thursday, June 11, 2020
Stocks declined on Thursday, with the S&P 500 and Dow experiencing a third straight session of losses. This was an aftermath of the Federal Reserve monetary policy decision, where policymakers highlighted economic concerns related to the coronavirus pandemic and the various measures taken to address the concerns. The VIX Volatility Index (VIX) spiked more than 50%. Adding to investor fears were the increasing number of new coronavirus in key U.S. states such as Arizona, Florida, North Carolina and Texas, and the Labor Department’s weekly report which showed an additional 1,542 million people filing for new unemployment insurance claims for the week that ended June 6, slightly lower than the earlier week’s 1.897 million. Airlines, cruise, and leisure stocks fell steeply. Among the few gainers was Zoom Video Communications (ZM). Crude oil fell by 8.64% ($-3.42) to close at $36.18 a barrel.
S&P 500 (GSPC): -188.04 (-5.89%) to 3,002.10
Dow (DJI): -1,861.82 (-6.90%) to 25,128.17
Nasdaq (IXIC): -527.62 (-5.27%) to 9,492.73
Friday, June 12, 2020
Friday saw stocks ending in positive territory, recovering some gains in late trade. However, the three major indices recorded their first weekly declines in a month, probably fueled by the rising coronavirus cases and related concerns. Airlines stocks -- Delta (DAL), American Airlines (AAL), Southwest (LUV) and United Airlines (UAL) – rose by +3.23 (+11.87%); +2.36 (+16.41%); +3.04 (+9.26%); and +6.34 (+19.03%) respectively. Crude oil was at $35.18 (-1.08; -2.98%).
S&P 500 (GSPC): +39.21 points (+1.31%) to 3,041.31
Dow (DJI): +477.37 points (+1.9%) to 25,605.54
Nasdaq (IXIC): +96.08 points (+1.01%) to 9,588.81
% Change YTD
Dow Jones Industrial Average