Shares fell for the second consecutive session, offsetting the week’s gains, following disappointing comments from tech giants Amazon (-7.6%) and Apple (-1.6%) on the impact of the coronavirus pandemic.
Dow -2.5%, S&P 500 -2.8%, Nasdaq -3.2% in today’s trade, sending the three indices closely in red for the week.
Amazon has announced plans to spend all of the current quarter’s profits on its response to coronaviruses, while Apple has announced revenue growth in the first quarter and has offered no advice due to uncertainties related to COVID-19 .
Exxon Mobil (-7%) posted its first quarterly loss in at least three decades and Tesla fell (-10.3%) following inexplicable comments from CEO Elon Musk that the company’s stock is too high.
Near. Trump has added to the woes of the market by threatening to impose tariffs on China on its handling of the pandemic.
In addition, the Institute for Supply Management’s manufacturing index fell to 41.5 last month from 49.1 in March, marking its lowest level since April 2009.
US Treasury prices fell, with two- and ten-year yields each increasing 2 basis points to 0.20% and 0.64%, respectively.
WTI crude oil in June settled + 5% at $ 19.78 / barrel, closing a gain of 16% for the week.