Stock Market Update Thursday, June 4th, 2020
It was off to the races early today, with the NASDAQ 100 making a new record high.
But after rallying all morning the early optimism quickly faded.
There was a sharp pullback late morning, then a push to session lows in the last hour of trading.
A rebound into the close helped lift stocks off of session lows, but it wasn’t enough to bring the S&P and NASDAQ back into positive territory.
The DOW ended the day with a small win while the S&P snapped a 4-day winning streak.
Here’s where the major indices ended the day.
- The S&P finished lower by 0.3%. Down 11 points, the S&P ended at 3,112.
- The DOW ended higher by 0.1%. Adding 12, points the DOW closed at 26,282.
- The NASDAQ ended lower by 0.7%. Losing 67 points, the NASDAQ finished at 9,616.
Crude Oil (CL) saw its best close since March 13th today. Up 0.5%, CL ended the day at $37.49 a barrel.
Slack (WORK) and Amazon (AMZN) made headlines by partnering together to take on Microsoft Teams (MSFT). Amazon employees can now utilize Slack for work functions and Slack will benefit from using AWS (Amazon Web Services) video streaming capabilities.
WORK ended the day with a 4.9% loss ahead of earnings. And AMZN was down 0.7%. MSFT lost 1.3% today.
American Airlines (AAL) took off today, soaring 41.1%! The record rally came after American said they believe that 74% more flights will take place in July.
To help in the search of a coronavirus vaccine, President Trump’s administration has launched “Operation Warp Speed.”
The administration wants to see a safe an effective vaccine by January 2021. And according to the New York Times, here are the 5 companies in the spotlight: Moderna (MRNA), AstraZeneca (AZN), Johnson & Johnson (JNJ), Merck (MRK) and Pfizer (PFE).
Glu Mobile Inc. (GLUU) was in the news after announcing a public offering of 15 million shares of common stock @ 9.25 a share. Volume was through the roof for the stock, while the stock ended with an 0.8% loss.
Looking at the economic calendar, tomorrow we’ll have the closely watched Jobs Report to watch at 8:30am ET.
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.