May 22, 2020

May 22, 2020

Stocks opened relatively flat and were volatile throughout the day with the S&P and NASDAQ finishing in positive territory. This was due to investors continuing to watch tensions rise between the U.S. and China.

 

Dow Jones -9 at 24,465

S&P 500 +7 at 2,955

NASDAQ +40 at 9,325

 

The 10 Year Treasury closed down 2 basis points yielding 0.66%

Oil prices closed down $0.47 ending at $33.45 a barrel

Gold prices closed up $13 ending at $1,734 an ounce

 

In the days’ stock news:

  • Shares of Alibaba dropped 6% despite beating estimates on both the top and bottom lines for its latest quarter. The e-commerce giant topped $1 trillion in gross merchandise volume for the first time as it benefited from an increase in online shopping during the lockdowns.
  • Lululemon has reopened more than 150 stores and is planning on opening 200 more over the next 2 weeks. The stores have implemented enhanced cleaning, modified hours, and limited the number of customers in a store at any one time.
  • Nvidia shares moved 3% higher after the graphic chipmaker beat earnings and revenue estimates. The company also gave an upbeat forecast. This was in response to surging demand for its chips that are used in data centers.

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