The markets opened higher but spent the day going in and out of positive territory after the CDC said states may need to re-implement strict social distancing rules if the number of new cases increases dramatically.
Dow Jones +477 at 25,606
S&P 500 +39 at 3,041
NASDAQ +96 at 9,589
The 10 Year Treasury closed down 5 basis points yielding 0.70%
Oil prices closed up $0.09 ending at $36.43 a barrel
Gold prices closed down $2 ending at $1,738 an ounce
The days’ stock news:
- Shares of the athletic apparel maker, Lululemon, dropped 4% after the company missed earnings and revenue estimates. This was the company’s first earnings miss in 3 years and was caused by the virus-related lock downs.
- Southwest Airlines was upgraded at Credit Suisse, which feels the airlines is well-positioned to benefit from a comeback in leisure travel. Shares of Southwest increased 9%.
- Shares of Tesla dropped 4% after being downgraded at Morgan Stanley, which noted several factors including the automaker’s need for more capital, near term demand pressure, and tech competition.