June 12, 2020

June 12, 2020

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.

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