May 11, 2020
Stocks opened lower to begin the week but were volatile throughout the day. The continuing rally in tech helped the NASDAQ finish in positive territory for a sixth straight day.
Dow Jones -109 at 24,222
S&P 500 flat at 2,930
NASDAQ +71 at 9,192
The 10 Year Treasury closed up 4 basis points yielding 0.73%
Oil prices closed down $0.02 ending at $24.73 a barrel
Gold prices closed down $14 ending at $1,700 an ounce
In the days’ stock news:
- Under Armour shares finished 11% lower after missing estimates for the first quarter. This was caused by their overall sales falling about 23% amid virus-related store closure.
- Intel and Taiwan Semiconductor are in talks with the U.S. government about building new factories in the U.S. this comes as concerns continue to grow about the reliability of Asia-based supply chains.
- Waste Management, the nation’s largest trash hauler, is seeking higher fees for home trash pickup due to a surge in volume following the implementation of lockdowns that are keeping people at home.
- Tesla sued to be allowed to reopen its California factory, and said it had begun the process of resuming operations. The suit came after CEO Elon musk threatened to pull the automaker out of California, criticizing government orders that businesses remain closed.