August 19, 2020

August 19, 2020

After the S&P and NASDAQ hit record highs yesterday, stocks opened higher today but lost momentum and every major index finished in negative territory. In economic news, building permits came in higher than expected in July, at 1.495 million.

 

Dow Jones -85 at 27,693

S&P 500 -15 at 3,375

NASDAQ -64 at 11,146

 

The 10 Year Treasury closed up 1 basis point yielding 0.68%

Oil prices closed down $0.10 ending at $42.79 a barrel

Gold prices closed down $61 ending at $1,939 an ounce

 

The days’ stock news:

  • Shares of Gilead Sciences dropped 5% after the FDA said it will not approve Gilead’s new arthritis treatment in its current form. The FDA expressed certain concerns about the treatment. Gilead said it will address the issues and still believes in the benefits of the treatment.
  • Southwest Airlines said its cash burn rate during July was about $17 million per day. This was smaller than the expected $18 million cash burn rate. Southwest shares up about 1%.
  • Uber and Lyft are both considering moving to a licensing model in California. By licensing their brands to vehicle fleet operators in the state, the companies would avoid having to reclassify their drivers as employees.

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