May 7, 2020

May 7, 2020

Stocks moved higher today, with every major index finishing up about 1% and the NASDAQ gaining back all its losses since the beginning of the pandemic.

 

Dow Jones +211 at 23,876

S&P 500 +33 at 2,881

NASDAQ +125 at 8,980

 

The 10 Year Treasury closed down 8 basis points yielding 0.63%

Oil prices closed down $0.89 ending at $23.10 a barrel

Gold prices closed up $36 ending at $1,725 an ounce

 

In the days’ stock news:

  • Dish Network shares moved 2% higher after reporting better-than-expected first-quarter revenue. However, the company lost 250,000 subscribers during the quarter due to disconnections in the airline and hospitality sectors.
  • Moderna said it has received FDA approval for its Covid-19 vaccine candidate to proceed to a phase 2 study. Moderna shares increase 9%.
  • Peloton shares increased 16% after beating revenue forecasts, which was due to company seeing a 66% increase in sales during the stay-at-home orders. Peloton also raised its current-quarter sales forecast.
  • Wynn resorts missed earnings and revenue forecasts due to the coronavirus-related shutdowns. Wynn also suspended its quarterly dividend.

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