|Day's range||10,364.39 - 10,466.82|
|52-week range||6,631.42 - 10,824.78|
Earnings season has begun in earnest, and Bank of America (NYSE: BAC) was the latest major financial institution to talk about its results for the recently ended quarter. Shares of Twitter were down 2% late Thursday morning after having been down as much 5% earlier. The social media service suffered a major cyberattack late Wednesday, and the way in which it happened has put its management on the hot seat.
The stock market has been increasingly volatile, and even as major market benchmarks have recovered from their lows earlier this year, there are still big questions about what comes next for investors. On Thursday, though, the Nasdaq was down more than 100 points right out of the gate, and the Nasdaq-100 Index also saw similar declines on a percentage basis. Today's news that first-time claims for unemployment remained troublingly high didn't do much to inspire confidence that the economic damage caused by the COVID-19 pandemic will get fixed anytime soon.
Benchmarks edged up on Wednesday as investors cheered promising data for a potential COVID-19 vaccine and few better-than-expected quarterly earnings reports.
U.S. retail sales increased more than expected in June, but a resurgence in new COVID-19 cases is chipping at the budding recovery, keeping 32 million Americans on unemployment benefits. The jump in domestic case loads has forced states such as California to shut down again, sparking fears of more business damage and slowing the pace of a Wall Street rally. The S&P 500 is about 5.8% away from its record high hit in February.
New jobless claims declined by a smaller than expected margin in the Labor Department’s new report Thursday, as a surge in US virus cases threatens the pace of the labor market’s recovery.
Top news and what to watch in the markets on Thursday, July 16, 2020.
Government debt yields and global equity markets fell on Thursday as a surge in U.S. coronavirus cases weighed on risk sentiment that also was hurt by deteriorating U.S.-China relations and worse-than-expected Chinese retail sales. Asian stock markets and the Chinese yuan fell as China grappled with the pandemic and with heightened tensions with the United States over trade, technology and geopolitics. The risks to China's economic outlook were partly reflected in data that showed Chinese consumers kept their wallets tightly shut in June.
Apple shares could reach $410, say BofA analysts.
The stock market moved higher Wednesday morning on optimism about a potential solution to the COVID-19 pandemic.
Benchmarks closed higher on Tuesday despite investors pulling out of big tech stocks.
Three of the largest U.S. banks reported Tuesday that their loan loss provisions had grown by almost $23 billion to over $81 billion, illustrating the pessimism over the economic path ahead.
For months, the Nasdaq Composite (NASDAQINDEX: ^IXIC) has dramatically outperformed other major market benchmarks. This week, investors have started to question whether the Nasdaq has come too far too quickly, and that's put pressure on the index even as the rest of the market has performed better. On Tuesday, the Nasdaq had to fight headwinds to stay above water, but as of 3:30 p.m. EDT, it and the Nasdaq-100 Index had still managed to eke out tiny advances.
The Zacks Analyst Blog Highlights: NVIDIA, Zoom Video Communications, Zscaler, Veeva Systems and Okta
Some investors are getting increasingly worried about the outlook for technology and big growth stocks after a massive rally which has pushed the Nasdaq Composite index to record highs despite the coronavirus-inflicted economic damage. Few can complain about the performance of the S&P 500 Growth index, whose components range from Netflix Inc to medical device maker ResMed Inc and is up more than 10% for the year to date while the broad S&P 500 remains down 2% over the same time. Instead, investors say the popularity of tech and growth stocks at a time of global economic uncertainty has left their valuations stretched and primed them for a decline.
Rise in new coronavirus cases and loss in tech stocks pushed the S&P 500 and the Nasdaq to end in the red, while the Dow cling to a modest gain on Monday.
Wells Fargo & Co, however, fell 5.5% after booking a quarterly loss for the first time since the 2008 financial crisis. Citigroup Inc was also down 2.5% as it reported a steep fall in quarterly profit. The S&P 500 banks index slumped 1.6% as the three banks set aside a combined $28 billion to cover potential losses on loans to borrowers hurt by the coronavirus pandemic.
PepsiCo giant kicked off the week with solid earnings, and a major gambling market is set to reopen this week. It wasn't enough to keep stocks from turning down sharply at the end of the day as we head into earnings season.
The Nasdaq Composite (NASDAQINDEX: ^IXIC) has had a great run, rising to record highs. After having been up significantly for much of the day, the Composite and the Nasdaq-100 index fell almost 2%. To be clear, not all Nasdaq stocks suffered declines.
The banking industry hopes to lean on its investment banking and cost-cutting efforts in an otherwise ugly second quarter.
The Zacks Analyst Blog Highlights: Harmony Gold Mining, Galiano Gold, Alamos Gold, AngloGold Ashanti and Sandstorm Gold
Benchmarks ended higher on Friday as investors cheered positive results from Gilead's coronavirus vaccine candidate, remdesivir's clinical trial data, overlooking spike in new cases.