May 29, 2020

May 29, 2020

The market began the day down but turned positive after President Trump announced there will be no change in the trade deal with China. In economic news, durable good orders were down less than expected in April.

 

Dow Jones -18 at 25,383

S&P 500 +15 at 3,044

NASDAQ +121 at 9,490

 

The 10 Year Treasury closed down 6 basis points yielding 0.65%

Oil prices closed up $1.35 ending at $35.07 a barrel

Gold prices closed up $18 ending at $1,747 an ounce

 

The days’ stock news:

  • General Motors announced it will increase production next week, adding shifts at plants that produce crossover vehicles and pickup trucks. Despite this announcement, GM shares dropped 3%.
  • Shares of Tyson Foods declined over 1% after the company announced it will close its Iowa pork processing plant for a week for deep cleaning and sanitizing. This comes after 555 employees tested positive for the coronavirus.
  • Costco saw comparable store sales fall for the first time in a decade during April. The company also missed earnings estimates. However, it did manage to beat revenue expectations.

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