May 15, 2020
The markets dropped again at the open but, just like yesterday, managed to gain momentum and finish with every major index in positive territory. In Economic news, consumer sentiment was 73.7 for May, higher than the expected 65.
Dow Jones +60 at 23,685
S&P 500 +11 at 2,864
NASDAQ +71 at 9,015
The 10 Year Treasury closed up 2 basis points yielding 0.64%
Oil prices closed up $2.04 ending at $29.60 a barrel
Gold prices closed up $13 ending at $1,753 an ounce
In the days’ stock news:
- com, the China-based e-commerce retailer, beat estimates for its latest quarter and saw annual active customer accounts rise 25% from a year ago and mobile active daily user increase 46%.
- Disney reached a deal with union workers at Disney World on employee safeguards. The deal removes a significant obstacle to Disney’s reopening plans for its parks. Disney shares are up slightly this morning.
- Nike said the pandemic-related store closures will hurt its retail and wholesale results for the first current quarter. However, the company said 100% of its Greater China stores have reopened and online sales are helping offset lost sales from store closures.
- Aurora Cannabis reported a smaller-than-expected loss for its latest quarter, with sales of cannabis up 39% from a year ago as customers in the U.S. and Canada stockpiled products ahead of the pandemic.