Stock Market Update Tuesday, June 9th, 2020
After yesterday’s rally, the DOW saw its first retreat in 6 days.
The pullback came after the National Bureau of Economic Research (NBER) announced that the U.S.economy has entered into a recession. This ends the longest expansion in market history.
The S&P and DOW opened lower and dropped. After finding support, there were multiple attempts to push into positive territory in the afternoon. But after the dust settled, the two indices finished the day with a loss.
On the other hand, the NASDAQ was hot. After a lower start, the tech index quickly rallied, making new records and trading above 10,000 for the first time. The index settled below 10,000 after a small pullback, but still ended the day with a new record close.
Here’s where the major markets ended the day:
|*As of market close|
The major indices were mixed, but big tech was on fire!
Facebook (FB) jumped 3.1%, Apple (AAPL) was up 3.2% and Amazon (AMZN) ended with a 3.0% gain. The three companies ended the day with new records.
Small businesses received some positive news from the Fed today.
The Fed expanded the scope of its “Main Street Lending Program” by lowering the minimum loan size and extending the terms of the loans, making funding more accessible for small businesses across America.
And the push to reopen the economy continued…Best Buy (BBY) announced that they will be reopening 800 stores to the public, beginning June 15th. As they reopen they will bring back 9,000 of their employees to full-time and part-time positions. Best Buy ended the day with a 2.5% loss.
Tomorrow wraps up the Fed’s 2-day policy meeting. And in the afternoon all eyes will be on the Fed Statement at 2PM ET followed by the FOMC Press Conference at 2:30PM 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.