May 13, 2020

May 13, 2020

Stocks dropped at the open and continued to drop all day after Fed Chair Powell said he sees significant downside risks and uncertain times ahead. In economic news, the Producer Price Index fell 1.3% in April, more than the 0.5% expected drop.

 

Dow Jones -517 at 23,247

S&P 500 -50 at 2,820

NASDAQ -139 at 8,863

 

The 10 Year Treasury closed down 3 basis points yielding 0.65%

Oil prices closed down $0.26 ending at $25.52 a barrel

Gold prices closed up $16 ending at $1,723 an ounce

 

In the days’ stock news:

  • CyberArk Software beat earnings and revenue estimates. However, the cybersecurity company pulled its full-year guidance as they believe customers are going to make more cautious purchases due to the fallout from the pandemic.
  • Jefferies initiated a buy rating for the parent company of Weight Watchers, saying the quarantine has unlocked a durable trend in which wellness will be prioritized.
  • Gilead Sciences has stuck licensing deals with five generic drug makers for production of its Covid-19 treatment in 127 countries.
  • com was upgraded at Mizuho Securities, which said the Chinese e-commerce company will benefit from the deregulation of pharmacy sales, as well as a jump in demand for essential items.

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