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Jobless claims above 40 million and Trump’s War on social media send stocks lower

May 28, 2020 Stock Market Update


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Stock Market Update Thursday, May 28th, 2020

Boeing Stock Analysis after the crash

This morning index futures were mixed heading into the open because of conflicting news.

In Europe and Japan, new stimulus packages to combat the “coronavirus economy” was a positive for the markets. But on the other hand, China approved a national security bill to control Hong Kong, a move that will surely lead to U.S. sanctions.

President Trump says he will hold a press conference regarding China on Friday.

An hour before the open Weekly Jobless Claims also came in worse than expected after 2.1 million Americans filed for unemployment. This brings the total claims to approximately 41 million during the coronavirus pandemic. But on a positive note, continuing claims dropped by 4 million, the first drop since the COVID-19 outbreak.

After a mixed start to the day, stocks rallied and were at session highs around 2pm ET.

There was a bit of a pullback in the afternoon. Then 40 minutes before the closing bell stocks tanked after news that President Trump was getting ready to sign an executive order on social media.

The late session sell off put the major indices in negative territory for the day. With today’s drop the DOW snapped a 3-day winning streak.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.2% loss. Down 6 points, the S&P ended at 3,030.
  • The DOW ended lower by 0.6%. Dropping 148 points the DOW closed at 25,401.
  • The NASDAQ was down 0.5%. With a 43 point loss the NASDAQ finished at 9,369.

Crude Oil (CL) bounced back above $33 today. Crude Oil finished higher by 2.7%, ending the session at $33.68 a barrel.

$2 billion gone…

Billionaire investor Carl Icahn lost almost $2 billion after he sold his Hertz (HTZ) position on Tuesday. The sale came after the rental car company filed for bankruptcy. Hertz ended the day with a 22.1% loss at $1.02 a share.

President Trump did end up signing an executive order that could punish social media companies. Trump announced that his goal was “to defend free speech from one of the greatest dangers” by signing the order.

The order comes after Twitter (TWTR) issued fact-checking labels on two of President Trump’s tweets this week. Twitter ended the day with a 4.5% loss.

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.

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