May 6, 2020

May 6, 2020

The markets began the day with every major index in positive territory but spent the rest of the day very volatile, with only the NASDAQ finishing the day up.

 

Dow Jones -218 at 23,665

S&P 500 -20 at 2,848

NASDAQ +45 at 8,854

 

The 10 Year Treasury closed up 5 basis points yielding 0.71%

Oil prices closed down $0.50 ending at $24.06 a barrel

Gold prices closed down $19 ending at $1,692 an ounce

 

In the days’ stock news:

  • Disney missed earnings estimates but managed to beat revenue forecasts. The company said the pandemic had a $1.4 billion impact on its profits, and that the fallout would impact all aspects of its entertainment business for the foreseeable future.
  • Activision Blizzard and Electronic Arts both beat earnings and revenue forecasts as the companies have continued to benefit from increased engagement as people stay at home.
  • AbbVie won FTC approval for its $63 billion deal to buy rival drug maker Allergan. AbbVie shares finished the day up slightly.
  • Nordstrom will permanently close 16 locations that have been shut down since mid-March due to the pandemic. It plans to reopen its other stores in phases and is also implementing cost-saving restructuring. Nordstrom shares dropped 1%.

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