Stock Market Update Thursday, April 30th, 2020
Stocks suffered losses on the last trading day of April. But all things considered, it was quite a month!!!
In fact, April was the best month in 33 years for the stock market!
The S&P finished with its biggest one-month gain since 1987.
But although we had a strong April, trading was rough today.
Index futures were lower overnight, then slide again after Jobless Claims were released pre-market.
There were 3.84 million Americans that filed for unemployment last week. This brings the total to more than 30 million over the last 6 weeks.
And U.S. consumer spending was another concern, down big with a 7.5% drop in March.
Stocks saw a small bounce in the morning, but then extended loses during lunch.
The rest of the day was choppy and sideways.
Here’s where the major indices ended the day:
- The S&P finished with a 0.9% loss. Down 27 points, the S&P ended at 2,912.
- The DOW ended 1.2% lower. Dropping 288 points the DOW closed at 24,346.
- The NASDAQ was down 0.3%. With a 29 point loss the NASDAQ finished at 8,889.
Crude Oil (CL) rallied for the 2nd day in a row. With a 22.5% gain, Crude Oil ended the day at $18.55 a barrel.
Banks were some of the hardest hit today.
Bank of America (BAC) dropped 3.0%, Citigroup (C) lost 3.4% and JPMorgan (JPM) slide 2.2%.
But Facebook (FB) was higher after reporting better than expected revenue. Facebook’s 5.4% gain came after the company said that sales in April stabilized after a “significant” pullback because of the coronavirus outbreak.
Amazon (AMZN) and Apple (AAPL) were up 4.3% and 2.2% ahead of after the bell earnings releases from the two companies.
And Amazon is down more than 5.0% after reporting worse than expected earnings. The company said that they are spending all of their Q2 earnings on responding to coronavirus. In after-hours trading Amazon is down more than 5.0%.
Apple is also down 2.0% after hours, reporting that iPhone sales are down 7% from a year ago.
Tomorrow’s earnings calendar features Exxon Mobil (XOM) and Chevron (CVX).
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
This Stock Market Update was provided by Rockwell Trading Services LLC.