May 1, 2020

May 1, 2020

The markets pulled back today, after having their best month in three decades. Every major index finished lower, with the NASDAQ being the lowest, down over 3%.

 

Dow Jones -622 at 23,724

S&P 500 -82 at 2,830

NASDAQ -285 at 8,605

 

The 10 Year Treasury closed up 2 basis points yielding 0.64%

Oil prices closed up $0.92 ending at $19.76 a barrel

Gold prices closed up $14 ending at $1,708 an ounce

 

In the days’ stock news:

  • Boeing raised $25 billion in a bond offering recently, and as a result the jet maker will not have to receive aid from the government. Boeing shares dropped over 5% today.
  • Amazon shares dropped 8% after missing earnings estimates. However, the online retail giant beat revenue expectations, but said it may post its first quarterly loss in five years due to the billions it is spending in response to the pandemic.
  • Gilead Sciences reported better-than-expected earnings and revenue for its latest quarter. Gilead also said it will work with international partners to expand production of its drug remdesivir, seen as a possible Covid-19 treatment.
  • MGM Resorts lost more than expected for its latest quarter. The casino operator said it plans to reopen two or three of its casinos when the Las Vegas strip is cleared to open.

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