Stock Market Update Thursday, July 9th, 2020
Stocks went on a roller coaster ride today!
This morning weekly Unemployment Claims came in slightly lower than expected. 1,314,000 people filed for unemployment (vs. a 1,375,000 forecast), a decrease of 99,000 claims from the previous week.
There wasn’t much of a reaction to the news and stocks opened slightly higher.
But after the higher start stocks were hammered!
And the drop really came out of nowhere.
There was a Supreme Court ruling on President Trump’s tax returns, allowing the Manhattan district attorney to look at Trump’s records.
But the sell off most most likely a result of new records…new coronavirus records.
California, Texas, and Florida are all struggling with a new surge in COVID-19 cases. In fact, stocks fell to session lows shortly after Florida reported record coronavirus-related hospitalizations.
But it could have been a lot worse. After the S&P dropped 2.0%, stocks found support and made a comeback.
The crazy thing?
While the S&P and DOW ended the day lower, the NASDAQ finished higher with a new record high!
Here’s where the major markets ended the day:
|*As of market close|
Amazon (AMZN) and Google (GOOG) both contributed the NASDAQ’s record high. AMZN finished higher by 3.3% and GOOG was up 1.0%.
The DOW lagged behind the major indices because big losses in Boeing (BA) and Walgreens Boots Alliance (WBA).
Boeing lost 3.8% and Walgreens fell 7.8% after the company announced that it missed earnings estimates. Walgreens posted a net loss of $1.71 billion for the quarter.
Bed Bath & Beyond (BBBY) was a bigger loser today, down 24.5%! BBBY announced Wednesday that it would close 200 stores across the country. And today the stock tanked after lousy earnings.
Q1 sales showed a nearly 50% decline in revenues! Even after huge online sales in April and May (up by more than 100%).
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.