May 12, 2020

May 12, 2020

Stocks opened higher this morning but changed course throughout the day and finished with every major index down about 2%. In economic news, the U.S. Consumer Price Index fell 0.8% in April, as expected.

 

Dow Jones -457 at 23,675

S&P 500 -60 at 2,870

NASDAQ -190 at 9,003

 

The 10 Year Treasury closed down 5 basis points yielding 0.68%

Oil prices closed up $1.67 ending at $25.81 a barrel

Gold prices closed up $6 ending at $1,704 an ounce

 

In the days’ stock news:

  • Tesla shares dropped slightly after the automaker announced it has resumed production at its California plant in defiance of local authorities.
  • Novavax shares moved 63% higher after the company announced it has received $384 million in new funding for clinical trials for its experimental coronavirus vaccine.
  • Logitech reported a 23% rise in operating income for its latest quarter and a nearly 14% jump in sales, as the company benefits from the increase in home-based work.
  • Toyota Motor said it expected an 80% drop in profit for the current fiscal year. This will drop the company to its lowest levels in 9 years.

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