Inventories close sharply, resurgence of coronavirus outweighs optimism over recovery

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Stocks closed Friday on a steep decline as the spike in US coronavirus cases in at least half the country became too large for optimistic investors to ignore.

have now become the epicenters of America’s epidemic. The two states on Friday took additional steps to reverse the normalization of public life, closing bars and limiting the capacity of restaurants following the spike in coronavirus cases. On Friday, the two states took additional steps to reverse the normalization of public life, closing bars and limiting the capacity of restaurants following the spike in coronavirus cases.

Despite the optimism that has allowed the markets to resume a new bullish wave, the news has shaken traders – dropping each of the top three indices by more than 2%. The surge in volatility pushed the S&P 500 to its lowest level in two weeks.

Amid growing fears of a resurgence of COVID-19 infections, “We may have difficult times ahead,” Sam Stovall, CFRA chief investment strategist, told Friday Finance. “The COVID concern has not run its course, and we will address it for some time. “

NKE) stocks slipped after announcement of a surprise quarterly loss. Components Dow Goldman Sachs (GS) and JPMorgan Chase (JPM) were trading lower alongside other major banks, after the Federal Reserve said in its stress test results after market close on Thursday it would limit dividends and share buybacks on financial companies for the third quarter. “Data-reactid =” 20 “> The Dow underperformed the S&P 500 and the Nasdaq, and Nike (NKE) stocks slipped after reporting a quarterly surprise The components of Dow Goldman Sachs (GS) and JPMorgan Chase (JPM) traded lower alongside other major banks, after the Federal Reserve said in its stress test results Thursday after the market close that it would limit dividends and share buybacks on financial companies for the third time. trimester.

The move aims to “guarantee the resilience of big banks despite the economic uncertainty linked to the coronavirus event,” according to the Fed.

further increases in coronavirus cases in parts of the country, investor turmoil has sparked signs of an increasingly chaotic reopening process. On Friday, Florida set a new infection record, and cases elsewhere in the Sun Belt states continued to climb. “Data-reactid =” 22 “> Meanwhile, further increases in coronavirus cases in parts of the country have sparked investor concern, with signs pointing to an increasingly chaotic reopening process. Florida set a new infection record on Friday, and cases elsewhere in the Sun Belt states have continued to climb.

AAPL) added 14 stores in Florida to its growing list of store closings, after announcing earlier this week and late last week that it would close seven stores in the Houston, Texas area and nearly one dozen stores in four states at the end of last week. Disney (DIS) said it was delay indefinitely the reopening of its Californian theme parks after their July 17 target. “Data-reactid =” 23 “> Companies have also pushed back the reopening dates in the middle of the last jumps in cases of coronavirus. Apple (AAPL) has added 14 stores in Florida to its growing list of store closings, after announcing earlier this week and late last week it would close seven stores in and around Houston, Texas of a dozen stores in four states at the end of last week. Disney (DIS) said it was delay indefinitely the reopening of its Californian theme parks past their July 17 target.

4:01 p.m. ET: Stocks close session at the lowest level in two weeks, as viral fears reappear

Here’s where the top three clues settled at the end of Friday’s session:

  • S&P 500 (^ GSPC): -74.74 points (-2.42%) to 3,009.02
  • Dow (^ DJI): -730.12 points (-2.84%) to 25,015.48
  • Nasdaq (^ IXIC): -259.78 points (-2.59%) to 9,757.22

3:00 p.m. ET: Stocks fall, Dow down almost 700 points, or 2.7%

Here are the main movements on the markets, from 3 p.m. ET:

  • S&P 500 (^ GSPC): -68.9 points (-2.23%) to 3,014.93

  • Dow (^ DJI): -661.39 points (-2.57%) to 25,084.21

  • Nasdaq (^ IXIC): -207.98 points (-2.08%) to 9,808.59

  • Gross (CL = F): – $ 0.34 (-0.88%) to $ 38.38 per barrel

  • Gold (GC = F): + $ 10.00 (+ $ 0.56) to $ 1,780.60 per ounce

  • 10-year treasury (^ TNX): -3.4 bps for a yield of 0.64%

1:50 p.m. ET: American Airlines is about to fill its planes to capacity starting July 1

AAL) said on Friday that it will start filling its planes fully from July 1, which means the carrier will again make all of the middle seats available for passenger purchases. Airlines in mid-April reduced passenger capacity on flights to accommodate social distancing. “Data-reactid =” 43 “> American Airlines (AAL) said Friday that it would start filling its planes fully from July 1, which means that the carrier will make all the medium seats available for purchases again of passengers. By mid-April, airlines had reduced passenger capacity on flights to accommodate social distancing.

The company will let companies know if more open flights are available and allow them to change flights for free. He also said he would ask passengers as of June 30 to certify that they have been free from Covid-19 symptoms for at least 14 days.

American Airlines stocks fell more than 6% in intraday trade, amid wider market and travel decline.

11:55 a.m.ET: Florida stops drinking alcohol in bars

The Florida Department of Business and Professional Regulation said on Friday that state bars should immediately stop serving alcohol due to an increase in coronavirus cases in the state. Florida reported a record increase in cases on Friday, with new infections up 7.8% from the previous day for a total of 122,960.

11:34 a.m.ET: Albertsons shares open at $ 15.50, dropping below IPO price

Albertsons shares began trading on the New York Stock Exchange on Friday morning at $ 15.50 a share, in a lukewarm performance the first day after valuing its initial public offering at $ 16 a day earlier.

The company sold 50 million shares Thursday night, down from the 65.8 million shares of $ 18 to $ 20 each that the store would offer.

10:02 a.m.ET: consumer sentiment dropped slightly at the end of June as viral infections spread

Consumer sentiment for June has been revised down in the latest monthly surveys from the University of Michigan, reflecting concerns over the increase in coronavirus cases in parts of the country.

The index stood at 78.1 in June’s final reading, down from 78.9 reported earlier in the month. Consensus economists expected a reading of 79.2

The follow-up sub-indices of consumer assessments of current conditions and future expectations have also been revised downwards in the final version.

“data-reactid =” 66 “>” Consumer sentiment dropped in the last half of June, although it still posted its second monthly gain from the April low “, said in a statement. said Richard Curtin, chief economist for consumer surveys, in a statement.

“While most consumers believe that economic conditions could hardly worsen following the recent closure of the national economy, the potential growth of the economy is more closely linked to progress against the coronavirus,” he said. he adds. “The rapid reopening of the economy has undoubtedly restored jobs and income, but it has come at the cost of a slight increase in the spread of the virus.”

9:33 a.m.ET: stocks open lower

Here are the main market movements at 9:33 a.m.ET:

  • S&P 500 (^ GSPC): -18.06 points (-0.59%) to 3,065.7

  • Dow (^ DJI): -231.98 points (-0.9%) to 25,513.62

  • Nasdaq (^ IXIC): -26.94 points (-0.27%) to 9,988.75

  • Gross (CL = F): – $ 0.16 (-0.41%) to $ 38.56 per barrel

  • Gold (GC = F): – $ 2.30 (-0.13%) at $ 1,768.30 per ounce

  • 10-year treasury (^ TNX): -1.1 bps for a yield of 0.663%

9:05 a.m.ET: Gap shares its boom after announcing a partnership with Kanye West for the Yeezy line

GPS), stocks jumped more than 14% in trade before marketing after announcing a partnership with Kanye West and its clothing brand Yeezy. “Data-reactid =” 84 “> Gap (GPS) shares jumped by more than 14% in pre-market exchanges after announcing a partnership with Kanye West and its clothing brand Yeezy.

The new clothing line, Yeezy Gap, is expected to be launched in the first half of 2021.

Gap’s shares have fallen more than 42% for the year to date until Thursday’s close, underperforming the 4.5% market as a whole.

8:33 a.m.ET: Core PCE rose 1.0% again in May, signaling weak inflationary pressure

Personal basic consumer spending (PCE) rose 1.0% in May from last year, keeping pace with April’s growth. The metric removes more volatile metrics, including food and energy, and serves as the Federal Reserve’s preferred inflation target.

At 1%, the base ECP during the pandemic remained well below the Fed’s symmetrical 2% target.

The broader measure of the PCE, all categories combined, increased 0.1% from last month, after falling 0.4% in April. The PCE increased 0.5% from a year ago after an annual gain of 0.6% in April.

8:30 a.m.ET: Personal spending rebounds to increase 8.2% in May, after a record decline in April

Personal spending rose 8.2% in May, the Bureau of Economic Analysis announced Friday after a revised 12.6% drop the previous month, which had been a record low. Consensus economists predicted a 9.3% increase in spending in May.

Personal income fell 4.2% after a record 10.8% jump in April. The increase in the previous month is due in part to the increase in the government’s stimulus package, which included new unemployment benefits and stimulus checks for individuals below an income threshold.

7:27 a.m.ET: Equity futures are mixed

Here are the main movements on the markets at 7:27 a.m.ET:

  • S&P 500 Futures (ES = F): 3,075.75, down 5 points or 0.16%

  • Dow Futures (YM = F): 25,571.00, down 25 points or 0.1%

  • Nasdaq Futures (NQ = F): 10,110.75, down 22.5 points or 0.22%

  • Gross (CL = F): + $ 0.15 (+ 0.39%) to $ 38.87 per barrel

  • Gold (GC = F): + $ 4.40 (+ 0.25%) to $ 1,775.00 per ounce

  • 10-year treasury (^ TNX): -0.2 bps for a yield of 0.672%

6:01 p.m. ET: Stock futures open little changed

Here are the key actions taken at the start of the overnight session for the US equity futures market at 6:01 p.m. ET:

  • S&P 500 Futures (ES = F): 3,070.25, down 0.5 points or 0.02%

  • Dow Futures (YM = F): 25,527.00, down 69 points or 0.27%

  • Nasdaq Futures (NQ = F): 10,087.00, down 1.25 points or 0.01%

Traders wear masks as they work on the floor of the New York Stock Exchange as the epidemic of coronavirus disease (COVID-19) continues in the Manhattan neighborhood of New York, the United States, on May 27 2020. REUTERS / Lucas Jackson TPX IMAGES OF THE DAY

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