Stock Market Update Friday, May 1st, 2020
Stocks were down big today.
You could blame earnings, bad data and even a possible conflict between the U.S. and China: Larry Kudlow said the Chinese need to be held accountable for the coronavirus.
But in reality, today’s drop probably had more to do with profit-taking ahead of the weekend than anything. After all, what would you expect after the best biggest one-month gain since 1987!
Index futures were lower overnight after disappointing earnings from Amazon (AMZN) and Apple (AAPL).
Then after a choppy morning, stocks slide from late morning until early afternoon. After the drop, stocks chopped around and eventually finished near session lows.
Today’s losses put the major indices in negative territory for the week.
Here’s where the major indices ended the day:
- The S&P finished with a 2.8% loss. Down 82 points, the S&P ended at 2,831.
- The DOW ended 2.6% lower. Dropping 622 points the DOW closed at 23,724.
- The NASDAQ was down 3.2%. With a 280 point loss the NASDAQ finished at 8,605.
Crude Oil (CL) rallied for the 3rd day in a row. With a 3.8% gain, Crude Oil ended the day at $19.56 a barrel.
Amazon (AMZN) continued its after-hours slide and finished the day with a 7.6% loss. The drop came after reporting worse than expected earnings. The company said that they are spending all of their Q2 earnings on responding to coronavirus.
Apple (AAPL) lost 1.6% after reporting that iPhone sales are down 7% from a year ago.
Today Tesla (TSLA) dropped lost 10.3%, but not for the reasons you might expect. Elon Musk tweeted that the stock price is “too high” and shares quickly dropped. “Too high” seems to be a requiring problem for Musk.
Gilead (GILD) finished the day with a 4.8% loss. The loss comes in spite of news that the FDA fast-tracked authorization for Remdesivir to treat coronavirus with an emergency authorization.
The VIX (aka “Fear Index”) jumped 8.9% today with the losses in the stock market to finish the week at 37.19.
Here are a few of the big names reporting earnings next week: Lowes (L), CVS Health (CVS), General Motors (GM), Disney (DIS) and Lyft (LYFT).
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.