September 23, 2020

September 23, 2020

Stocks opened higher but turned negative early on, with every major index finishing down 25 or worse. In economic news, existing home sales were 6 million in August, slightly lower than expected.

 

Dow Jones -525 at 26,763

S&P 500 -79 at 3,237

NASDAQ -331 at 10,633

 

The 10 Year Treasury closed up 1 basis point yielding 0.68%

Oil prices closed down $0.27 ending at $39.53 a barrel

Gold prices closed down $45 ending at $1,854 an ounce

 

The days’ stock news:

  • Shares of Nike increased 9% after the company more than doubled earnings estimates and beat revenue estimates. this was due to online sales surging 82%, which now makes up nearly one third of the company’s total revenue.
  • Shopify disclosed a data breach, by 2 workers, which affected fewer than 200 merchants who use its e-commerce platform. The workers gained transaction records but did not find evidence of the data being used for any purpose. Shopify shares dropped 4% today.
  • 3M is exploring the sale of its food safety business, which could draw up to $3.5 billion in a sale. 3M shares moved 2% lower today.

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