August 14, 2020

August 14, 2020

Stocks opened mixed for a second straight morning and spent the day in and out of positive territory, with the DOW being the only major index to finish up. In economic news, U.S. retail sales came in at 1.2%, lower than the expected 2.3%.

 

Dow Jones +34 at 27,931

S&P 500 -1 at 3,373

NASDAQ -23 at 11,019

 

The 10 Year Treasury closed down 1 basis point yielding 0.71%

Oil prices closed down $0.10 ending at $42.14 a barrel

Gold prices closed down $16 ending at $1,941 an ounce

 

The days’ stock news:

  • Shares of the online sports betting company, DraftKings, dropped 6% after the company lost more than double what analysts expected. However, revenue did beat expectations. DraftKings said it had strong 2nd quarter results despite a limited sports calendar.
  • Tesla was upgraded at Morgan Stanley, which cited the automaker’s growth potential for building an electric vehicle battery supply business. Tesla shares increased 2%.
  • Dillard’s reported a much smaller than expected quarterly loss. This was helped by inventory and cost control measures that helped boost profit margins. Dillard’s said it would maintain the same conservative fiscal approach moving forward.

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