May is historically one of the more difficult months for the stock market but the S&P 500 started the new month with a fractional gain yesterday. Corporate earnings continue to grab the headlines but the market moved lower today with weakness in tech stocks leading the way.
At the close:
In corporate news shares of CVS are up 16% this year and were 4.4% higher today after reporting revenue and net income above expectations and raising guidance as COVID 19 vaccinations has increased customer traffic in their stores. Pfizer also reported revenue and net income above expectations and also raised their guidance as vaccine sales continue to be strong. Paper and packing company Domtar jumped 19% on news a Canadian rival is exploring a deal to buy the company.
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