June 26, 20220

Stocks dropped today, with every major index finishing over 2% lower. This was due to multiple states continuing to see a spike in new Covid-19 cases. In economic news, people continuing to receive unemployment benefits fell below 20 million for the first time in 2 months.

 

Dow Jones -730 at 25,016

S&P 500 -75 at 3,009

NASDAQ -260 at 9,757

 

The 10 Year Treasury closed down 4 basis points yielding 0.64%

Oil prices closed down $0.50 ending at $38.21 a barrel

Gold prices closed up $15 ending at $1,785 an ounce

 

The days’ stock news:

  • Shares of banks such as JPMorgan Chase, Bank of America, and Wells Fargo all dropped over 5% after the Federal Reserve imposed limits on dividends these companies can pay and suspended any share buyback plans.
  • DraftKings was given a buy rating at Rosenblatt securities, which sees several catalysts, including the return of live sports and a potential acceleration of gambling legislation due to Covid-19.
  • Harley-Davidson shares dropped 7% after the motorcycle maker announced it is eliminating 140 U.S. jobs amid cuts in its production volumes.