May 12, 2021

May 12, 2021

Stocks dropped for a second straight day, with every major index down at least 2%. In economic news, the consumer price index rose 0.8% during April, higher than the expected 0.2% increase.

 

Dow Jones -682 at 33,588

S&P 500 -89 at 4,063

NASDAQ -358 at 13,032

 

The 10 Year Treasury closed up 7 basis points yielding 1.70%

Oil prices closed up $0.56 ending at $65.82 a barrel

Gold prices closed down $13 ending at $1,823 an ounce

 

Corporate news:

  • Shares of FuboTV closed 6% higher after the company reported better-than-expected quarterly revenue and raised its full-year outlook.
  • Electronic Arts beat earnings and revenue estimates for its latest quarter. EA also issued an upbeat annual forecast, expecting the pandemic-related momentum to continue even as covid restriction ease. EA shares closed down 1%.
  • A European Union court ruled in favor of Amazon in a $303 million tax case, scrapping an EU mandate that Amazon pay back taxes to Luxembourg.

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